LifeSemantics CEO Song Seung-jae speaks at a press briefing held in Seoul on March 4. (LifeSemantics)
South Korean digital health platform developer LifeSemantics said March 4 it is ready to go public to raise up to 12.5 billion won ($11.11 million) worth of fresh funds.
The firm plans to make a market debut on the nation’s tech-heavy Kosdaq market at the end of this month.
Founded in 2012, LifeSemantics has focused on its business on health information and technology and artificial intelligence-powered programs. Its main platform “LifeRecord” provides MyData, digital therapeutics and contactless treatments, the firm’s CEO Song Seung-jae said during a press briefing.
The company’s AI-based programs help patients recover from breathing difficulties and cancer. They further provide portals for doctors to give remote consultations, according to Song. The firm’s major B2B partners include Hanwha Life Insurance, Korea Land and Housing Corp., Naver Cloud and Bodyfriend, he added.
LifeSemantics’ remote medical appointment app “Dr.Call” is getting ready to be a global platform as it was temporarily licensed by the government last year to provide non-face-to-face treatments for Koreans living abroad. It later plans to launch the service for Korean residents as well.
While personal monitoring of health with less dependency on hospital care is expected to reduce national health care costs and prevent serious illnesses in advance, the digital therapeutics company believes that the global digital health market will grow at an annual average of 15.5 percent and hit $392 billion by 2024.
Based on its strengths of leveraging medical information, cloud computing and blockchain technologies, the firm looks to enter the local stock market under the “special listing on promising technology growth” -- the procedure measures potential for scalability instead of profitability, in cases where technological advances cannot easily be measured.
It seeks to issue 1 million new shares in a price band between 9,000 won and 12,500 won. The exact share price will be determined through the book building process before retail investors can apply on March 11-12. Korea Investment & Securities is underwriting the IPO deal.
The IPO proceeds will be used to platform advancements and overseas business expansion. Since the company further looks to promote its brand value by going public, it further looks to expand manpower and strengthen research and developments and marketing activities.
“We look forward to post sales growth by accelerating B2B and B2C medical MyData business and commercializing digital therapeutics,” the CEO said. “By building a successful local reference after the listing, we’ll apply to the US Food and Drug Administration for permission to conduct clinical trials and take a leap forward to become a leading global digital health firm.”
By Jie Ye-eun (email@example.com)