L&K Biomed Signs Strategic Cooperation MOU with Curexo

[Asia Economy Reporter Hyungsoo Park] L&K Biomed announced on the 16th that it has signed a memorandum of understanding (MOU) for strategic business cooperation with Curexo, a medical robot development company. The signing ceremony was held with the minimum number of personnel from both companies in accordance with social distancing guidelines.

L&K Biomed will utilize its sales network to sell Curexo's surgical robots in the United States. They also plan to jointly develop next-generation spinal implant robots that insert expandable cages into the human body.

There is significant interest in spinal surgery robots in the U.S. market, which accounts for 70% of the global spinal implant market. Only about 5% of surgeries currently use spinal surgery robots. According to a recent survey by RBC Capital Markets, the proportion of surgeries using spinal surgery robots in the U.S. is increasing annually.

To secure competitiveness in the U.S. spinal implant market, spinal surgery robots are essential. L&K Biomed received FDA approval for its expandable cage last year and is increasing its market share through various marketing efforts.

L&K Biomed has decided to expand its market influence by partnering with Curexo. L&K Biomed will directly sell Curexo's surgical robots equipped with spinal fixation screws in the U.S. They also plan to develop a smart system using spinal surgery robots for fusion surgery with expandable cages.

Curexo began its robot business by acquiring the tangible and intangible assets of ISS (Integrated Surgical System), which developed the world's first fully automated robot system, ROBODOC, in 2007. In 2012, Korea Yakult became the largest shareholder. In 2017, Curexo acquired Hyundai Heavy Industries' medical robot division, advancing as a specialized medical robot company.

Curexo manufactures and sells orthopedic surgical robots such as T Solution One and CUVIS joint, as well as rehabilitation robots like Morning Walk. The spinal surgery robot CUVIS spine received certification from the Ministry of Food and Drug Safety (MFDS) in December last year. The artificial joint surgery robot CUVIS joint obtained MFDS certification in June this year, raising expectations for active domestic and international sales.

In addition to directly selling Curexo's surgical robots, L&K Biomed expects to meet customer demand by optimizing its products for Curexo's CUVIS spine. This could lead to increased sales of surgical robots and spinal implants.

L&K Biomed believes that combining the technology of its expandable cage, which has confirmed safety and efficacy through over 600 surgeries in the U.S. market, with Curexo's diverse robot manufacturing technologies will enhance surgical safety.

An L&K Biomed official stated, "We expect great synergy in developing next-generation robot technology through collaboration between L&K Biomed, recognized for the technology of its expandable cage in the U.S. market, and Curexo, which developed spinal surgery robots."

This content was produced with the assistance of AI translation services.