L&K Biomed in Progress of Agreement with US Cleveland Clinic

Spinal implant company L&K Biomed announced on the 11th that it is in the process of signing an agreement with the Cleveland Clinic Foundation in the United States to develop an upgraded version of the pectus implant 'Pectus.'

The Cleveland Clinic Foundation is a world-renowned nonprofit medical and research institution that owns the Cleveland Clinic, which has been selected annually as one of the best hospitals in the United States by 'U.S. News & World Report.' To date, it has filed over 4,080 patents and licensed technologies to various bio and medical device companies.

L&K Biomed plans to incorporate the technology and know-how of the Pectus product used in chest wall deformity surgeries, owned by the Cleveland Clinic, to improve its own 'Pectus' line of products and establish a foundation to expand the global supply chain through the Cleveland Clinic's hospital network. The technology license will take effect from the 1st of next month, and the final contract will be completed within this month.

Discussions on the key terms of the agreement have been completed. L&K Biomed stated that due to a confidentiality agreement with the Cleveland Clinic, specific details cannot be disclosed.

'Pectus V2,' which is awaiting FDA approval, was developed by combining clinical advice from experts in chest wall deformity surgery with L&K Biomed's spinal implant development expertise. It is a product that has attracted significant interest from many medical professionals. In chest wall deformity surgeries, the existing Pectus product had a complex assembly method. In contrast, 'Pectus V2' was developed with a one-click fixation method that allows the connector to be inserted into the groove at once when connecting the Pectus bar and bridge. This innovation drastically reduces assembly time, lowers surgical difficulty, and enhances convenience.

An L&K Biomed representative said, "We are proceeding with the agreement not only for Pectus V2 but also to develop more innovative products," adding, "We expect to combine technologies that can improve surgical convenience through technology transfer." They also stated, "Through continuous product development, we aim to grow as a leading company in the Pectus market by increasing brand awareness and influence, and we will strive to establish Pectus products as our new flagship products."