BORDEAUX, France & BOSTON--(BUSINESS WIRE)--Regulatory News:
IMPLANET (Paris:ALIMP) (OTCQX:IMPZY) (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 L&K BIOMED.
L&K 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 L&K BIOMED’s 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 America’s 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 Spine’s 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: L&K 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 world’s 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 L&K BIOMED’s implants, which complement the Jazz® platform, with the clear goal of becoming a player of a considerable size on this continent.
“L&K 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 L&K 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 L&K BIOMED, particularly as it should enable us to significantly accentuate our presence in the United States, given our new partner’s 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.”
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 staff 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. The Company would like to remind that the table for monitoring the BEOCABSA, OCA, BSA and the number of shares outstanding, is available on its website: http://www.implanet-invest.com/suivi-des-actions-80