L&K Biomed Announces 36.6 Billion KRW Paid-in Capital Increase

The World's First 'Curved Type' Lateral Surgical Therapy Product Case Study

Spine implant specialist L&K Biomed announced on the 12th that it has decided to conduct a paid-in capital increase worth 36.6 billion KRW to carry out a large-scale case study project and secure operating funds.

Through the paid-in capital increase, 6,524,000 new shares will be issued. The expected issue price per new share is 5,610 KRW, and the record date for new share allocation is the 1st of next month. According to the board resolution on the same day, L&K Biomed will issue registered common shares through a paid-in capital increase by rights offering to existing shareholders followed by a general public offering of forfeited shares. BNK Investment & Securities has been selected as the lead underwriter to handle the underwriting of the remaining shares and the placement of the offering.

L&K Biomed plans to use the raised funds to repay 14.3 billion KRW of convertible bonds, and the remaining 22.3 billion KRW will be used as operating funds for conducting large-scale case studies of the world's first Curved type developed products and other purposes.

In the first quarter of this year, L&K Biomed recorded an operating profit of 800 million KRW on a consolidated basis, turning profitable compared to the same period last year. During the same period, sales increased by 118.54% to 7.7 billion KRW, and net profit turned positive to 1.7 billion KRW.

A company representative said, “Celebrating our 15th anniversary this year, we will strengthen aggressive marketing with the world’s first patented curved design product,” adding, “We plan to lay the groundwork for additional mid- to long-term growth.” The representative also stated, “We will actively contribute to improving the quality of life for patients with spinal diseases by promoting our unique technological differentiation in overseas markets including the United States, Brazil, Indonesia, and the Philippines,” and “We aim to become a comprehensive spine implant company.”