Biosolution Co., a Korean biotech firm, said on Friday it has been cleared in a preliminary review by Korea Exchange to debut on the secondary tech-heavy Kosdaq market.

The company will soon submit a securities report and follow customary procedures to go public. Korea Investment & Securities will lead-manage the IPO process.

Biosolution founded in 2000 has developed drugs to treat articular cartilage and skin cell and active ingredients for cosmetics based on proprietary stem cell and tissue engineering technology.

Major products include Keraheal, an autologous cell therapy to treat burn scars, and Keraheal-Allo, an allogenic cell therapy, human tissue models, and human stem cell-derived cosmetic ingredients. The company expects sales of its therapeutic products will increase thanks to excellent product quality and insurance coverage expansion.

In particular, CartiLife, an autologous cell therapy to treat osteoarthritis, was recognized as the industry’s first new health technology by the Ministry of Health and Welfare and the Korea Health Industry Development Institute (KHIDI) last year. The company already passed a review for IPO eligibility as a promising technology developer. CartiLife is expected to be approved conditionally for marketing this year.

The company wants its human tissue model business to expand as a new growth driver in the future. Biosolution filed for registration for its corneal tissue model under the OECD Guidelines for toxicity testing last November.

By Cho Hee-young and Minu Kim

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