Coreline Soft has continued its upward trend for two consecutive days. The news that it signed a memorandum of understanding (MOU) for overseas business cooperation in the medical AI field with Lunit, a medical artificial intelligence (AI) solution developer, appears to have influenced its stock price.
As of 9:50 a.m. on the 29th, Coreline Soft was trading at 24,450 won, up 1,950 won (8.67%) from the previous trading day.
Lunit announced that on the 28th (local time), it held a signing ceremony at the Radiological Society of North America (RSNA 2023) conference in Chicago, USA, attended by about 10 officials including Lunit CEO Beomseok Seo, Chief Medical Officer Kihwan Kim, Coreline Soft CEO Jinkook Kim, Co-CEO Jungpil Choi, and Executive Director Sanghyun Baek.
Lunit was founded in 2013 by KAIST (Korea Advanced Institute of Science and Technology) master's and doctoral researchers including Chairman Seungwook Baek, and Coreline Soft was also established in 2012 by KAIST alumni such as CEO Jinkook Kim and Co-CEO Jungpil Choi.
Coreline offers AI solutions that analyze computed tomography (CT) scans, while Lunit has AI solutions that analyze chest X-ray images. Through the MOU, the two companies agreed to mutually cooperate in the European, Middle East, and Africa (EMEA) markets. Specifically, they will collaborate on product and technology support and explore joint entry strategies for overseas sales.
They will each pursue licensing agreements for their AI solutions and jointly conduct sales and marketing activities in the respective regions. Lunit CEO Beomseok Seo said, "Since Coreline Soft possesses various 3D solutions related to chest diseases, we expect technical and complementary synergy effects with Lunit's AI solutions." He added, "Through this MOU, we will join forces to pioneer the European and EMEA markets."
Coreline Soft CEO Jinkook Kim stated, "The global medical AI market is growing rapidly, making cooperation between AI companies more important than ever," and added, "By combining our core competencies and accumulated know-how, we will create high market share and business opportunities in the Middle East, Europe, and Africa regions."
Lunit's stock price has risen about 580% this year. Considering the listing of new shares due to a bonus issue, its market capitalization has exceeded 2.5 trillion won. Coreline Soft entered the KOSDAQ market on September 18 through a merger with Shinhan No.7 SPAC. Although its stock price rose to 46,000 won on the first day of listing, it fell to 13,920 won on the 19th of last month due to a flood of sell orders for profit-taking. As concerns over overhang have diminished, the stock price is recovering. Its market capitalization has regained 300 billion won.
Coreline Soft’s flagship product, ‘AVIEW LCS PLUS,’ is a chest disease simultaneous diagnostic solution that can detect lung nodules, emphysema, and coronary artery calcification with a single low-dose chest CT scan. It has been exclusively supplied as a national lung cancer screening reading support and quality management solution for seven consecutive years and is also supplied to global lung cancer screening projects such as the European lung cancer screening project (4ITLR), the German lung cancer screening project (HANSE), and the Italian lung cancer screening project (ILSP).
Coreline Soft possesses unique AI-based 3D CT image analysis technology and globally recognized chest CT screening AI software. It has actively begun overseas expansion by participating in national-level lung cancer screening projects.
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