Remed expressed its aspiration to become a global leader in the newly emerging electroceutical (electronic pharmaceutical) market on the occasion of its initial public offering (IPO).
|Remed CEO Lee Yong-geun explains his company’s goal to expand its platform in the global market, during a news conference held at a restaurant in Seoul, Wednesday.|
The company held a news conference Wednesday to lay out its plans to scale up to the secondary KOSDAQ market from the tertiary KONEX market this month.
“Remed is a company specializing in electroceutical research and development,” Remed CEO Lee Yong-geun said. “Electronic drugs are electronic devices that treat diseases by electrical stimulation instead of drugs or injections.”
Electroceutical can be seen as a kind of medical device. However, unlike therapeutic drugs, they are no chemical side effects, and the field is attracting global attention as a substitute or supplement for drug prescription, he added.
The company’s products include transcranial magnetic stimulation (TMS) device, neuromagnetic stimulation (NMS) device, and core muscle strength magnetic stimulator (CSMS).
TMS, which treats refractory depression by giving magnetic stimulation to the frontal cortex, uses a powerful magnetic field and is also useful in treating intractable brain disease by stimulating nerve cells in the brain cortex.
“Our TMS device has been validated in clinical trials for depression, and the company is expanding to other areas such as stroke and dementia,” Lee said. “We are also planning to research and develop TMS as an obesity device to treat eating disorders.”
NMS is a chronic pain therapy device that activates internal muscles and nerve cells by passing a strong magnetic field through the body.
“In recognition of its technological competitiveness, the company signed a $2 million contract last year with Zimmer, the leading European company in the pain treatment market,” Lee said.
Regarding CSMS, a core strength strengthening magnetic therapy device developed in 2014, Lee explained that it could stimulate muscles with a magnetic field to enhance strength and lead to body changes without exercise.
In addition to correcting a person’s body shape, users can expect cosmetic effects such as improving skin elasticity, Lee added.
Lee also said his company seeks to secure 8.7 to 9.9 billion won ($7.4 million to 8.4 million) cash through the IPO and expand clinical trials to treat non-invasive brain diseases and invest in facilities using the newly acquired funds.
“By listing on the KOSDAQ market, our company will move closer to becoming a global electronic drug provider,” Lee said.