Sijimedtec Holds Regular General Meeting and Board Meeting... Appoints Yu Hyunseung as New CEO

Yoo Hyun-seung, the new CEO of CJ MedTech. Photo by CJ MedTech

CJ MedTech, a specialist company in orthopedic implants and medical devices, announced on the 31st that it held its 28th regular general shareholders' meeting and board of directors meeting on the 28th at its headquarters in Uijeongbu, Gyeonggi Province.

At this shareholders' meeting, all four agenda items were approved as originally proposed, including the approval of the consolidated and separate financial statements for the 28th fiscal year (2024), the appointment of new inside directors, and the approval of the remuneration limits for directors and auditors.

At the subsequent board meeting, CJ MedTech appointed Yoo Hyun-seung, CEO of its parent company CJ Bio, a bio-regenerative medicine specialist company, as the new CEO, signaling the start of business expansion based on strategic group-level collaboration.

CEO Yoo Hyun-seung graduated from Seoul National University with a degree in Materials Science and Engineering. While in graduate school, he engaged in research on synthesizing calcium hydroxyapatite (CaHA), a mineral component of human bone, and artificial bone using it. In 2000, he founded BioAlpha (the predecessor of CJ Bio), marking his full-scale entry into the regenerative medicine field. He was also the key figure behind the development and success of Korea's first orthopedic bone morphogenetic protein (BMP-2)-based bone substitute 'NOVOSIS' and the wrinkle-improving calcium filler 'Facetem.'

Through this appointment, CJ MedTech plans to strengthen its orthopedic implant business using biodegradable magnesium alloy material, 'Resomet,' by integrating CJ Bio's bio-material-based technology, global distribution network, and marketing capabilities. It also aims to advance its medical device portfolio and reinforce the foundation for business expansion. In particular, the synergy in the advanced convergent medical device sector is expected to be maximized by organically combining CJ MedTech's orthopedic and spinal metal implant manufacturing infrastructure and export-oriented business structure with CJ Bio's innovative product planning and bio-material research and development (R&D) capabilities.

The two companies intend to leap forward as an integrated solution provider in the spine and orthopedic fields through cooperation in ▲ developing integrated products combining regenerative medicine-based bio-materials and metal implants ▲ joint marketing and sales network linkage targeting the global market ▲ integration of global regulatory approval and clinical strategies.

Meanwhile, CJ MedTech recorded sales of 22.6 billion KRW and operating profit of 2.2 billion KRW on a separate basis last year. While sales remained at a similar level compared to the previous year, operating profit increased by about 25%, showing improvement in profitability. Notably, overseas sales accounted for approximately 58% of the total with 13.1 billion KRW, and sales in the United States grew by about 36% year-on-year to 3.58 billion KRW.

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