Stem cell specialist becomes first Korean company to list in London

The stem cell specialist BHK Inc of Seoul, Korea, listed on the Alternative Investment Market, becoming the first Korean company to join the London market.

While it did not raise any money on joining AIM, Jong Weon Choi, Chairman and CEO said the move will build the company’s profile. “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.”

BHK is the Asian licensee of MyoCell, a stem cell-based treatment for heart failure, developed by the U.S. company Bioheart Inc of Florida. The two companies jointly own a manufacturing plant near Seoul, where muscle stem cells taken from patient’s thigh muscles will be processed before being transplanted back into the hear. The Seoul plant, which has the capacity to handle up to 30,000 cell samples a year, will supply the Asian and European markets.

BHK is listed on the Korean Exchange and after joining AIM has a market capitalisation of around US$80 million.

MyoCell is in Phase II clinical trials in the U.S. and Europe. BHK is running a 54 patient trial in Korea, with results due by mid 2008. On this basis the company expects to get marketing approval in Korea by the end of 2009.