Shares of Haesung Optics skyrocketed Wednesday on the company’s announcement that it developed a new micro arthroscope jointly with Dong-A ST.
The stock price hit 3,695 won ($3.3) on KOSDAQ as of 1:30 p.m. Wednesday, 30 percent up from Tuesday’s closing at 2,845 won.
The developed arthroscope is currently in early-stage production. The company plans to release the initial product in October and switch to mass production in December.
Haesung Optics said it hopes to receive sales approval by April next year.
The company is also seeking U.S. Food and Drug Administration (FDA) approval and plans to apply for European CE certification by the end of this year.
Haesung Optics has been developing the diagnostic arthroscope with Dong-A ST, one of the leading manufacturers of medical devices, to enter the medical endoscope market dominated by North American and European companies.
Haesung Optics’ new device comes in three types -- 60, 95, and 120mm -- that transmit images to the camera. The diversity allowed medical professionals to view the pictures on various platforms such as a computer, a tablet PC and TV, the company said.
“Recently, the demand for arthroscopy has been rapidly increasing due to the expansion of diagnosis and treatment using micro arthroscopes,” a company official said. “The new arthroscope will be used in various medical institutions such as clinics, specialized hospitals, and university hospitals.”
Dong-A ST will be responsible for product sales and marketing, focusing on market penetration.