Synergy Innovation said Friday that the Korea Exchange (KRX) has completed its preliminary screening for M.I.Tech, its subsidiary that manufactures medical devices.
M.I.Tech, established in 1991, produces non-vascular stents and urological crushers and has recorded sales of 22.1 billion won ($19.5 million) and operating profit of 1.7 billion won last year. Synergy Innovation acquired the company in 2016, after purchasing 98.9 percent of the company’s share.
The company has approximately 300 non-vascular stents for internal organs such as digestive organs.
“Given that major global corporations only have 100 non-vascular stent products altogether, M.I.Tech's broad product lineup is considered differentiated competitiveness to meet the needs of various patients,” the company said. “Based on our competitiveness, we are exporting products to more than 60 countries around the world.”
Through strategic alliances with overseas multinational companies, the company is continuously improving its market share in major developed and developing countries, it said.
Also, the company has received U.S. Food and Drug Administration approval for three of its product, while awaiting approval for two more products. The company added that it expects to win approvals for 10 more products next year.
Synergy Innovation CEO Koo Ja-hyung, also said, “As M.I.Tech passed the preliminary screening for listing, we will be able to list the company within the year. We will maximize the value of both companies by strengthening collaboration between the two companies.”
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