Israel medical machine firm Memic Modern 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 can 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 stage 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 up to now 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 also take pleasure in spectacular returns. Different inestors embrace OurCrowd, Creos, Martel Fund and the Technion expertise switch firm and personal investor Danny Hadar.
The merged firm will probably 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 change into government chairman of the merged firm. The merger is predicted 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 value greater than $1 billion this yr for an Israeli medical expertise firm after NRx Prescription drugs (Nasdaq: NRXP).
Memic cofounder and CEO Dvir Cohen mentioned, “We imagine the Hominis platform has the potential to remodel the best way surgeons carry out robot-assisted procedures, starting with our at the moment FDA-authorized indications that embrace transvaginal benign hysterectomy.
Ferré mentioned, “We imagine that the Hominis platform represents probably the most vital development in soft-tissue surgical robotics in latest a long time and this settlement additional validates how our expertise is positioned to remodel the surgical robotics sector. Hominis is ready to carry out robotic transvaginal strategies that had been beforehand unfeasible, fulfilling a big unmet want in girls’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.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on August 13, 2021
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