Israel medical device company Memic Innovative Surgery Ltd. today announced the signing of a definitive agreement for a SPAC merger with MedTech Acquisition Corporation (Nasdaq: MTAC). The merged company will have $360 million cash and an equity value of more than $1 billion.
Memic has developed proprietary surgical robotic technology. The company's Hominis platform is an FDA-cleared surgical robot that features miniature humanoid-shaped arms, with shoulder, elbow, and wrist joints, providing human level dexterity and 360-degree articulation. The company's lead product is a robotic device for transvaginal surgery that enables surgery to be performed with fewer incisions leading to shorter and easier recovery by the patient.
Memic has raised $120 million to date including $96 million in a financing round last year. One of its investors, Accelmed, managed and controlled by Dr. Uri Geiger, will see a 30-fold return on its investment. Peregrine Ventures will also enjoy impressive returns. Other inestors include OurCrowd, Creos, Martel Fund and the Technion technology transfer company and private investor Danny Hadar.
The merged company will be supported by a $76 million PIPE with participation from leading investors, including Bridger Healthcare, Ltd., The Kraft Group, Monashee Investment Management LLC, Pura Vida Investments, Wellington Management, Ken Langone, Peregrine Ventures, HighSage Ventures, and management and board members of MedTech
The merged company will operate under the Memic name and Maurice Ferré, an independent director of MedTech and current chairman of Memic, will become executive chairman of the merged company. The merger is expected to be completed in the fourth quarter of 2021 when Memic's shares will begin trading on Nasdaq.
Memic is the second Wall Street SPAC merger worth more than $1 billion this year for an Israeli medical technology company after NRx Pharmaceuticals (Nasdaq: NRXP).
Memic cofounder and CEO Dvir Cohen said, "We believe the Hominis platform has the potential to transform the way surgeons perform robot-assisted procedures, beginning with our currently FDA-authorized indications that include transvaginal benign hysterectomy.
Ferré said, "We believe that the Hominis platform represents the most significant advancement in soft-tissue surgical robotics in recent decades and this agreement further validates how our technology is positioned to transform the surgical robotics sector. Hominis is able to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women's health, and we believe it has the potential to be applied to a broad range of indications in the future including general surgery."
"Memic is a next generation technology bringing to the market a robotic technology that will help millions of people around the world to undergo non-invasive surgery that was not previously available," said Eyal Lifschitz, cofounder and managing partner of Peregrine Ventures. Lifschitz, who was closely involved in the establishment of the company and also serves as its deputy board chairman, noting that "we made the connection with an unusual professional SPAC that is led by leading professionals in the robotic field."
Lifschitz added: "The connection with the tremendous team at Memic led by CEO Dvir Cohen and MedTech Acquisition Company will help Memic to realize its vision of becoming the world leader in its field."
Published by Globes, Israel business news - en.globes.co.il - on August 13, 2021
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