IMPLANET announces the signature of a MOU on a worldwide partnership with Korean company LK BIOMED
Dec 07, 2017
OTC Disclosure News Service
Implanet announces the signature of a MOU on a worldwide partnership with Korean company LK BIOMED
- Complementary products range offering breakthrough technology
- Global access to Asian and European markets
- Amplification of commercial means in the United States
Bordeaux, Boston, December 6, 2017: IMPLANET (Euronext Growth: ALIMP, FR0010458729, PEA-PME eligible; OTCQX: IMPZY), a medical technology company specializing in vertebral and knee-surgery implants, announces that it has signed a Memorandum of Understanding with a view to setting up a strategic partnership with Korean company LK BIOMED.
LK BIOMED is a company listed on the Kosdaq stock exchange in Seoul, Korea. It designs, develops and markets an extensive range of high-end implants for spine surgery in Asia and the United States. In 2016, this fast-growing company generated total revenue of 31 million dollars, including 10 million in the United States through its Aegis Spine subsidiary.
This strategic partnership, which should be finalized by no later than January 31, 2018, provides IMPLANET with a unique opportunity to significantly accelerate its expansion thanks to LK BIOMEDs well-established presence in the United States and Asia.
- In the United States: IMPLANET America will join forces with Aegis Spine to accelerate the marketing of its Jazz® platform, notably through the deployment of existing and complementary solutions incorporating both companies technologies. Aegis Spine hence intends to make the most of IMPLANET t Americas sales network on the East Coast of the United States, where the company has little presence. Conversely, IMPLANET will be able to benefit from Aegis Spines substantial direct and indirect sales network across the rest of North America, capitalizing on recent positive clinical results and a powerful network of opinion leaders;
- In Asia and in Oceania: LK BIOMED will distribute the Jazz® platform in addition to its existing product range. The main objective for both companies will be to jointly penetrate the Japanese market, the worlds second largest market for medical technologies and one that is eager for spine innovations in order to better address its substantial number of elderly or aging patients. The two companies also intend to subsequently penetrate the Chinese market.
- In Europe: IMPLANET will distribute LK BIOMEDs implants, which complement the Jazz® platform, with the clear goal of becoming a player of a considerable size on this continent.
LK BIOMED is very pleased with this partnership with IMPLANET, leader in latest-generation braided implants for treating spine disorders. We firmly believe that there are substantial synergies between our two companies on both an operating level, with the disruptive and innovative nature of our product ranges, and a commercial level, with our respective distribution networks, says Lee Seung Joo, CEO of LK BIOMED.
Ludovic Lastennet, CEO of IMPLANET, adds: The search for a strong partner of a significant size with an innovative product range that complements our technology had been a priority for us in recent months. We are delighted with this agreement with LK BIOMED, particularly as it should enable us to significantly accentuate our presence in the United States, given our new partners longstanding and successful activity, in Asia, via its natural presence there and its in-depth knowledge of these markets specificities, and in Europe, by providing surgeons with an innovative range of high-end implants that complement our own technology.
This press release contains forward-looking statements concerning Implanet and its activities. Such forward looking statements are based on assumptions that Implanet considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur. Forward- looking statements are subject to numerous risks and uncertainties including the risks set forth in the registration document of Implanet registered by the French Financial Markets Authority (Autorit des marchs financiers (AMF)) on April 26, 2016 under number R.16-035 and available on the Company’s website (www.implanet-invest.com), and to the development of economic situation, financial markets, and the markets in which Implanet operates. The forward-looking statements contained in this release are also subject to risks unknown to Implanet or that Implanet does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by Implanet that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for Implanet shares in any country.
Founded in 2007, IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its flagship product, the JAZZ® latest-generation implant, aims to treat spinal pathologies requiring vertebral fusion surgery. Protected by four families of international patents, JAZZ® has obtained 510(k) regulatory clearance from the Food and Drug Administration (FDA) in the United States and the CE mark. IMPLANET employs 48 people and recorded 2016 sales of 7.8 million. For further information, please visit www.implanet.com
Based near Bordeaux in France, IMPLANET established a US subsidiary in Boston in 2013.
IMPLANET is listed on Euronext Growth market in Paris.
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