Plasmapp, a bio plasma technology company, said it would expand its research and development (R&D) platform to accelerate the development of its pipeline biomedical devices by going public on the Kosdaq market this month.

The company was founded at the lab of the Korea Advanced Institute of Science and Technology (KAIST)’s physics department in 2015. The biomedical device company specializes in low-temperature plasma sterilizers.

Plasmapp will predict the demand of institutional investors' subscription on Oct. 5-6, and open the subscrition for retail investors on Oct. 12-13.  Mirae Asset Securities is the underwriter. 

Through the IPO, the company plans to offer 1.771 million shares at 9,000 to 11,000 won per share to raise between 15.9 to 19.5 billion won ($13.7 million) with a majority stakeholder composition of 45.2 percent coming from venture capitalists.

Plasmapp CEO Lim You-bong presented their business model for predicted revenue growth through original design manufacturing (ODM) and license and operating (L/O) contracts and non-recurring engineering (NRE) partnerships to facilitate the company’s transition from development to mass production. With this model, by 2025, its novel skin irritation treatment solution (STIMLINK-STIMMATE) and regenerative solution (ACTILINK-ACTIMATE) are expected to collectively generate profits accounting for 49.1 percent with the remaining 50.9 percent coming from its sterilization solution (STERLINK-STERMATE).

Plasmapp also demonstrated the prototype models of these solutions, one of which is expected to be applied for skin regeneration to heal from post-surgical scarring and another special 3D printing technology for customized and biocompatible surgical implants with its patented plasma technology. Some of the major global companies they are collaborating with include BioHorizons, MegaGen and Smith+ Nephew to fully commercialize its prototypes by 2024.

According to Markets and Markets, Plasmapp’s potential medical market expansion into 3D printed medical devices, robotic surgery, implantable IoT devices and novel material medical devices, as outlined by the CEO, is expected to have a cumulative market size of $154.4 billion in 2025.

“Despite the slowing economy, we are happy to achieve this milestone and are confident that this IPO is the right step for the company to continue expanding our reach into new global medical markets.” CEO Lim said.