L&K Biomed Acquires U.S. Distributor Sales Rights for 'Aegis Spine'

[Asia Economy Reporter Jang Hyowon] L&K Biomed, a specialized spinal implant company (CEO Park Geunju), announced on the 2nd that by transferring all sales rights of the existing eight U.S. ‘Aegis Spine’ dealerships to the newly established U.S. corporation ‘L&K Spine’ on the 31st of last month, it expects an annual sales increase effect of approximately $1.8 million (22.3 billion KRW).

Separately, L&K Biomed exported about $770,000 (980 million KRW) worth of the new product ‘PassLock-TM’, approved by the U.S. Food and Drug Administration (FDA) last month, and this month exported a total of $1.17 million (1.45 billion KRW) worth of spinal implant product lines including an additional $150,000 (190 million KRW) export of ‘PassLock-TM’ and ‘LnK/OpenLoc-L’ to the U.S. ‘L&K Spine’.

L&K Biomed, established in 2008 for the development, manufacturing, and sales of spinal implants, is a global spinal medical specialist company that has obtained product approvals from the FDA (U.S. Food and Drug Administration), CE (European Union’s integrated standard certification), and MFDS (Ministry of Food and Drug Safety). It designs, develops, manufactures, and sells spinal fixation devices and spinal surgical products mainly used in orthopedics and neurosurgery.

Park Geunju, CEO of L&K Biomed, stated, “Going forward, our company will implement aggressive sales and marketing strategies targeting global markets including not only the U.S. but also Australia, Europe, and Southeast Asia, making this year the first year of business normalization.” He added, “In line with the new government’s policies promoting digital healthcare and next-generation medical service development based on big data, our company will also leap forward as a global digital spinal implant major company.”