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Korean BHK lists GDR's on AIM

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Date: Wednesday 12 Mar 2008

LONDON (ShareCast) - BHK, the developer and manufacturer of medical and digital technology, became the first Korean company to be admitted to AIM when it listed its global depository receipts this morning.

The group, which did not raise any new money, is already listed on the Korea Exchange with a market capitalisation of about $80m.

BHK consists of three divisions specialising in cell therapy, artificial organs and advanced consumer electronics products. Its key product is expected to be MyoCell, aimed at treating heart failure without a major surgical procedure.

“This is an important part of our growth strategy, as an additional listing in London will enhance our reputation in key markets and provide greater access to new capital,” said chairman and chief executive Jong Weon Choi

“BHK possesses a different business model to traditional biotech companies by combining its two medical arms with the benefits of a cash generative digital division, which provides both revenue and complementary technologies,” he added.

Deloitte Corporate Finance acted as nominated adviser and Lewis Charles Securities acted as broker to the company.