The South Korean med-tech company – Neofect, which has been developing innovative medical rehabilitation products using advance technology, is all set to bring out its IPO – Initial Public Offering. The startup has begun the process to be listed on the country’s secondary bourse – Kosdaq.
Smart Rehabilitation products for quicker recovery
Neofect makes products to help people who need rehabilitation as part of their treatment like stroke patients, spinal cord injury patients, people with musculoskeletal disorders or neurological condition. Neofect’s game-based rehabilitation solutions are designed to be more engaging and empowering for recovering patients.
Neofect’s flagship product – the Rapael Smart Glove is a robotic orthosis with sensors that captures the patient’s movements and helps increase arm mobility. The robotic medical device is easily available on rent at nominal cost in the US, Europe and Korea. The company has also introduced a kids’ version of Rapael Smart Glove.
RAPAEL Rehabilitation Solutions provide fun rehabilitation training exercises using games.
The company’s another popular product is the Rapael Smart Pegboard used mainly for upper body rehabilitation and visuospatial cognitive training. The digitised board features different games like smack-a-mole and connects to software that records and analyses a patient’s progress.
Neofect also has recently launched a wearable soft robotic hand called NeoMano, specially made for people with hand paralysis, which helps them perform daily activities. The startup has started a month long Indiegogo campaign for NeoMano starting October 30, 2018 for raising funds for the product sales and marketing. The startup also has 3D game contents for helping patients with cognitive impairment.
We aim to help patients all around the world including, but not limited to, those unable to receive appropriate treatment due to economic or geographic reasons. – NeoFect Team
The startup was founded in 2010 by Scott Kim and Hoyoung Ban, students from the University of Virginia’s Darden Graduate School of Business, and Young Choi, MS, Ph.D. of the University of Southern California, who majored in ‘stroke rehabilitation algorithm and robotics’. The med-tech startup has raised around $8.76 million since its launch from various venture capitalists like POSCO Venture Partners, SBI Investment, K Partners and Sejong Investment.
IPO to be allocated by November 19-20, 2018
With its success in smart rehabilitation product line – the startup is confident of launching the IPO. Neofect is looking to raise between $16 million and $20 million through the IPO. The company has applied for preliminary screening of its planned IPO, putting up sale of 1.8 million shares at 10,000-12,500 won or about $9-11 per share. The book-building process for the IPO will take place around November 12-13, 2018, and the shares will be allocated by November 19-20, 2018. Korea Investment Securities is managing the IPO.
The company wants to use the funds generated through the IPO for improving and advancing their product range. The startup hopes to expand their reach and market their products worldwide.