Coreline Soft, a developer of artificial intelligence (AI) medical imaging software, has signaled a transition to profitability within two years of its expected listing.

The company is set to merge with Shinhan No. 7 Pack and the Special Purpose Acquisition Company (SPAC) and will be listed on the KOSDAQ market next Monday.

The announcement comes on the back of its breakthrough advances in AI-driven medical imaging solutions.

Speaking at a press conference at the Conrad Hotel in Yeouido, Seoul, on Wednesday, Coreline Soft CEO Kim Jin-kook said, "We stand out in the AI medical imaging software market, building on our strengths in AI performance, the clinical efficacy of the software, 3D medical imaging technology, and utility in medical practice."

Established in 2012, Coreline Soft owns a product portfolio using AI-based 3D CT imaging technology to screen regions like the thorax and head and neck.

Their flagship product, AVIEW LCS PLUS, allows a singular CT scan to simultaneously screen for three major smoking-related diseases -- lung cancer, lung nodules, and coronary artery calcification.

The product has been recognized for its technical prowess, being chosen as the official standalone solution for domestic and international lung cancer screening projects.

Notably, the company has been the sole provider of Korea's National Lung Cancer Screening project since 2017. The firm's technology also powers several of Europe's lung cancer screening projects, including the European Union (EU) sponsored Lung Cancer Screening Project (4ITLR), German Lung Cancer Screening Project (HANSE), and Italian Lung Cancer Screening Project (ILSP).

While the global medical community has recognized the company's technology prowess, Coreline Soft's financial journey has been a challenging one.

Despite almost doubling its sales last year to 4 billion won, an 89.3 percent increase from the previous year, the company's operating loss widened by 37.9 percent from about 7.3 billion won to 10.1 billion during the same period. Net loss was also up 37 percent at 10.2 billion won.

Kim elaborated on the company's financial trajectory, noting, "The expenses for product diversification and advanced R&D from our 2020 Series B and 2021 Series C funding rounds, as well as the cost of establishing overseas sales corporations, have already been preemptively accounted for."

Given these proactive investments, the company forecasts a breakthrough in the break-even point by 2025 with an expected revenue of 200 billion won, he added.

Moving on, the company also intends to strengthen its existing partnerships with major global hospitals and healthcare companies, while continuing to expand its product pipeline, broadening the range of conditions and areas of application.

"CorelineSoft has secured references from sales to major hospitals in over 10 countries and is leading the way in the expanding global lung cancer screening market, including exclusively securing major European lung cancer screening projects," Kim said. "Even after going public, we will continue to improve our expertise and strive to perform well in the global market with the mindset of being a national leader in medical AI."