Robotic surgery company Memic approves $1 billion SPAC merger

Israeli medical device company Memic Innovative Surgery Ltd. Today announced the signing of a definitive agreement to merge SPAC with MedTech Acquisition Corporation (Nasdaq: MTAC). The combined company will have $360 million in cash and an equity value of more than $1 billion. Memic has developed a special surgical robot technology. The company’s Hominis platform is an FDA-approved surgical robot that features miniature human-shaped arms, with shoulder, elbow and wrist joints, providing human-level dexterity and 360-degree articulation. The company’s flagship product is a robotic vaginal surgery device that allows surgery to be performed with fewer incisions resulting in a shorter and easier recovery for the patient. Memic has raised $120 million so far, including $96 million in a funding round last year. One of its investors, Accelmed, managed and controlled by Dr. Uri Geiger, will achieve a 30 times return on his investment. Peregrine Ventures will also enjoy impressive returns. Other investors include OurCrowd, Creos, Martel Fund, technology transfer company Technion, and private investor Danny Hadar. The combined company will support PIPE in the amount of $76 million with the participation of prominent investors, including Bridger Healthcare, Ltd. and The Kraft Group, Monashee Investment Management LLC, Pura Vida Investments, Wellington Management, Ken Langone, Peregrine Ventures, HighSage Ventures, management and members of the MedTech Board of Directors. The combined company will operate under the Memic name and Maurice Ferret, independent director of MedTech and current President of Memic, will become CEO of the combined company. The merger is expected to be completed in the last quarter of 2021 when Memic shares begin trading on the Nasdaq. Memic is SPAC’s second Wall Street merger worth more than $1 billion this year for an Israeli medical technology company after NRx Pharmaceuticals (Nasdaq: NRXP). Memic co-founder and CEO Dvir Cohen said, “We believe the Hominis platform has the potential to transform the way surgeons perform robot-assisted procedures, starting with currently FDA-approved indications that include benign transvaginal hysterectomies. “We believe the Hominis platform represents the most significant advance in soft tissue surgical robotics in recent decades, and this agreement also underscores how we position our technology to transform the surgical robotics sector,” Ferret said. Hominis are able to perform previously feasible robotic transvaginal techniques, and meet a significant unmet need in women’s health, and we believe they have the potential to apply them to a wide range of indications in the future including general surgery. Israel business news – en.globes.co.il – August 13, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021