Israel medical machine firm Memic Revolutionary Surgical procedure Ltd. right now introduced the signing of a definitive settlement for a SPAC merger with MedTech Acquisition Company (Nasdaq: MTAC). The merged firm may have $360 million money and an fairness worth of greater than $1 billion.
Memic has developed proprietary surgical robotic expertise. The corporate’s Hominis platform is an FDA-cleared surgical robotic that options miniature humanoid-shaped arms, with shoulder, elbow, and wrist joints, offering human degree dexterity and 360-degree articulation. The corporate’s lead product is a robotic machine for transvaginal surgical procedure that allows surgical procedure to be carried out with fewer incisions resulting in shorter and simpler restoration by the affected person.
Memic has raised $120 million thus far together with $96 million in a financing spherical final yr. Considered one of its traders, Accelmed, managed and managed by Dr. Uri Geiger, will see a 30-fold return on its funding. Peregrine Ventures may even get pleasure from spectacular returns. Different inestors embrace OurCrowd, Creos, Martel Fund and the Technion expertise switch firm and personal investor Danny Hadar.
The merged firm might be supported by a $76 million PIPE with participation from main traders, together with Bridger Healthcare, Ltd., The Kraft Group, Monashee Funding Administration LLC, Pura Vida Investments, Wellington Administration, Ken Langone, Peregrine Ventures, HighSage Ventures, and administration and board members of MedTech
The merged firm will function below the Memic identify and Maurice Ferré, an impartial director of MedTech and present chairman of Memic, will turn into govt chairman of the merged firm. The merger is anticipated to be accomplished within the fourth quarter of 2021 when Memic’s shares will start buying and selling on Nasdaq.
Memic is the second Wall Avenue SPAC merger price greater than $1 billion this yr for an Israeli medical expertise firm after NRx Prescribed drugs (Nasdaq: NRXP).
Memic cofounder and CEO Dvir Cohen stated, “We imagine the Hominis platform has the potential to rework the way in which surgeons carry out robot-assisted procedures, starting with our at present FDA-authorized indications that embrace transvaginal benign hysterectomy.
Ferré stated, “We imagine that the Hominis platform represents essentially the most important development in soft-tissue surgical robotics in latest many years and this settlement additional validates how our expertise is positioned to rework the surgical robotics sector. Hominis is ready to carry out robotic transvaginal methods that have been beforehand unfeasible, fulfilling a major unmet want in ladies’s well being, and we imagine it has the potential to be utilized to a broad vary of indications sooner or later together with common surgical procedure.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 13, 2021
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