"Right now, the only amniotic lens in the United States that can be used without sutures is a single company's product that requires a plastic ring. Korean doctors who have used both our product, which needs no plastic, and the competitor's agree that ours has the better chance on several fronts, including foreign-body sensation."
Kim Seong-po, CEO of MS Bio, made the remarks at an initial public offering press briefing held on the 1st at the Conrad Hotel in Yeouido, Yeongdeungpo District, Seoul. "U.S. rules allow only amniotic membrane obtained from American donors, so we will acquire a local tissue bank and become the second suture-free amniotic lens company in the United States," he said.
Founded in 2015, MS Bio develops and manufactures products that process human tissue and biomaterials to help reconstruct and regenerate damaged skin and bone. Its main products include MyDerm Recon, an acellular dermal matrix for breast reconstruction; MyGen, a collagen tissue filler for soft-tissue reconstruction; and MyBone, a dental reconstruction product.
The company plans to use the IPO proceeds to enter the U.S. market with AM Lens, a contact-lens-shaped amniotic membrane product that helps regenerate damaged corneas. "Conventional amniotic membrane works well, but the suturing process placed a burden on both patients and doctors," Kim said. "Ours requires no sutures, so it can be applied in an outpatient setting in under a minute."
Earnings are growing. Revenue rose to 23.8 billion won last year from 18 billion won in 2024, while operating profit came to 8.6 billion won for an operating margin of 36.0%. In the first half of this year, revenue was 13.9 billion won and operating profit 4.5 billion won. "We are not a company promising profits in the future," Kim added. "We are already growing while securing high profitability."
In aesthetics, the company launched Gicelle Ribonne, a skin booster based on human-derived extracellular matrix (ECM), in March this year. GC Wellbeing handles sales and distribution. The company is also developing Setafil (MSTF), a porcine dermis-derived ECM, and a skin booster derived from a porcine placental amniotic membrane fraction (PAMF). "We are planning to take the xenogeneic ECM products into China along with the amniotic lens," Kim said. "We expect clinical trial costs of 4 billion won per product." The company also plans to build a new medical device plant of about 6,600 square meters in Ochang, North Chungcheong Province, splitting production between the new site and its existing plant in Seongnam.
MS Bio is offering 4 million shares in the IPO. The indicative price range is 6,800 won to 7,800 won per share, putting the offering size at 27.2 billion won to 31.2 billion won and the expected market capitalization at 185 billion won to 212.2 billion won. Book-building for institutional investors runs through the 2nd, and subscriptions for retail investors will be held on the 12th and 13th. The company is aiming to list on the KOSDAQ market this month.
