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South Korean Biotech Lunit Prices $28M IPO

NEW YORK — Lunit said on Thursday that it has priced a $28 million initial public offering on the Korean Securities Dealers Automated Quotations (KOSDAQ) market.

The Seoul-based company said it will float 1,215,800 of its common shares at KRW 30,000 ($23) apiece, with trading to begin on July 21. Lunit said it will use the proceeds of the IPO to fund research and development around its artificial intelligence-based technologies for precision cancer diagnosis and treatment, as well as to expand its international footprint.

Earlier this year, Lunit received CE-IVD marking for the Lunit Scope PD-L1 TPS, a machine learning-based test for PD-L1 expression. The company is also developing an AI-powered test that can analyze the presence of tumor infiltrating lymphocytes in tumor tissue to predict checkpoint inhibitor response.

The firm also has a partnership with Guardant Health, which a year ago invested $26 million in Lunit. The partners said at the time they would develop precision oncology products.