Memic Innovative Surgery is reportedly eyeing a move to go public through a merger with SPAC MedTech Acquisition Corp.
Bloomberg reported that people with knowledge of the matter say that Memic, which develops Hominis, the first FDA-approved robotically-assisted surgical device for performing transvaginal hysterectomy, is in talks over going public with the SPAC, although a MedTech Acquisition Corp. representative declined to comment to the outlet, while Memic didn’t immediately respond to requests for comment.
Additionally, the SPAC could raise additional equity through a PIPE (private investment in public equity), Bloomberg reported, while financial terms of the potential merger were not disclosed and there is the possibility that the talks could fall through without an agreement.
Last month, Memic raised $96 million in a Series D financing round. While the company made no mention of going public, it said those funds, provided by financing leaders Peregrine Ventures and Ceros with participation from Ourcrowd and Accelmed, would be used to support the commercialization of the Hominis platform in the U.S. and potentially elsewhere as marketing and sales efforts in other countries are expected to be expanded.
Further uses of the funds listed by the company included R&D efforts and the expansion of its portfolio of products, as well as a manufacturing scale-up and improved customer support and training.
Memic designed the Hominis system to remove the uterus using minimally invasive surgical instruments inserted through the vagina, as well as a video camera inserted laparoscopically through a small incision on the abdomen. The transvaginal approach requires fewer incisions on the abdomen compared to the traditional laparoscopic hysterectomy.