Israeli medical device company Memic Innovative Surgery and MedTech Acquisition Corporation (Nasdaq: MTAC) have announced that both companies have mutually agreed to terminate, effective their planned SPAC merger, which was announced last August. The companies said that the cancellation was, "due to market conditions and associated volatility as a result of recent world events."
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.
Under the terms of the SPAC merger, the merged company would have had $360 million in cash and an equity valuation of $1 billion.
MedTech CEO Chris Dewey said, "While we are disappointed that our proposed business combination with Memic will not be consummated, we believe that Memic’s Hominis system and its innovative technology, as well as Memic’s highly accomplished management team, will position Memic for future success."
Memic cofounder and CEO Dvir Cohen added, "With the recent adoption of our Hominis system by three leading U.S. hospitals, we are excited about the ability of the Hominis system to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women’s health, with the potential to be applied to a broad range of indications in the future including general surgery."
Published by Globes, Israel business news - en.globes.co.il - on March 13, 2022.
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