A startup nurtured by the Ulsan National Institute of Science and Technology (UNIST) has successfully listed on the KOSDAQ market. The milestone marks the fruition of UNIST's "R&D Scale-up" strategy, which supports startups from inception through manufacturing, investment and global expansion.
Licens Medical (co-CEOs Kim Geon-ho and Choi Eui-kyung), which listed on the KOSDAQ on Saturday, is a UNIST faculty startup founded in 2016. The company develops precision cooling medical devices for dermatology, ophthalmology and veterinary medicine, based on "rapid precision cooling" technology from the laboratory of Professor Kim Geon-ho in UNIST's Department of Mechanical Engineering.
The company's core technology reads biological tissue temperature in real time and precisely controls cooling intensity and operation time according to the treatment area. It introduced a new anesthesia method to medical settings that previously relied on chemical anesthesia, reducing pain and shortening treatment time.
"Licens Medical has pioneered a new market by developing UNIST's foundational technology into products that medical practitioners need," co-CEO Kim Geon-ho said. "Going forward, we will expand overseas approvals and broaden our sales network to make a full-scale entry into the global precision cooling medical device market."
Licens Medical's KOSDAQ listing is the result of UNIST systematically supporting basic and foundational research with startup incubation and commercialization infrastructure to nurture market-ready companies.
UNIST builds dense patent barriers from the research stage to maximize the value of foundational technologies. In the early startup phase, it places companies in its incubation facilities to pursue R&D and commercialization simultaneously. The institute also runs programs supporting prototype production, investment and overseas expansion.
Licens Medical benefited from UNIST's startup support system in technology validation, product development and global expansion. UNIST's GMP-certified production facilities played a major role in helping the company obtain manufacturing and product approvals from the Ministry of Food and Drug Safety.
For overseas expansion, the company benefited from a global startup mentoring program UNIST has operated at UC San Diego (UCSD) since 2017. The program helps startups pursue U.S. market-fit reviews, regulatory consulting, collaboration with specialized institutions, local subsidiary establishment and investment matching. Licens Medical received support from 2018, broadening its contact with local experts and refining its U.S. clinical and business strategies.
"UNIST has an 'R&D Scale-up' strategy that targets commercialization from the foundational technology stage," UNIST President Park Jong-rae said. "In the case of Licens Medical, UNIST's help was particularly effective in production facilities for technology validation and networks for overseas expansion."
Having successfully launched commercial products and built an export foundation, Licens Medical sustained its growth through fundraising. The company was selected as Ulsan's first TIPS (Tech Incubator Program for Startup) team in 2017, and in 2022 it secured funding from a fund managed by UNIST Holdings, a UNIST subsidiary.
The Ulsan-Ulju Small but Strong R&D Special Zone, for which UNIST serves as the core technology institution, also contributed. The zone opened research equipment and validation infrastructure, invested technology transfer and commercialization (R&BD) funds, and linked private investment with overseas mentoring to support deep-tech company development.
"UNIST is also strengthening its function as a startup platform encompassing stage-specific investment and global cooperation," President Park said. "We will continue to actively support the transfer of laboratory achievements to startups and industry, contributing to national competitiveness."
Licens Medical has developed precision cooling medical devices that reduce pain and shorten treatment time in dermatology, ophthalmology and veterinary medicine. Its flagship products are TargetCool for dermatology, OcuCool for ophthalmology and VetEase for veterinary use.
