Wearable insulin pump developer EOflow to go public
[THE INVESTOR] Korea’s biotech firm EOflow confirmed that it will float its shares on the tech-heavy KOSDAQ as it gains confidence with its wearable insulin delivery patch device backed by venture capitalists.
The company has hired NH Investment & Securities as lead manager and will apply for preliminary IPO review in May, the company CEO Jesse Kim told The Investor.
The company hopes to get listed by end-2018 when its flagship product EOPatch will begin generating revenue.
EOPatch offers a convenient option for people with diabetes, who take daily insulin injection, with a small and light 17.2 gram device that can contain up to 2ml insulin. It lasts four days and can be attached to any part of the body.
The automatic insulin delivery patch will hit shelves through its marketing partner Huons from the latter half of this year, following approval by Korea’s Ministry of Food and Drug Safety in December last year.
The company has attracted over 5.5 billion won (US$5.16 million) from local investors including LB Investment, Ideabridge Partners and the state-run Korea Development Bank.
In January, a New York-based nonprofit organization funding type 1 diabetes research JDRF announced it will support EOflow’s insulin delivery system development.
“Next-generation wearable designs that are smaller and employ user-centric design will remove barriers that prevent some people, especially small children, from using these life-saving and life-changing glucose management devices,” the organization said when it announced the partnership.
By Park Han-na (firstname.lastname@example.org)