SPAC Archives - Medical Design Sourcing

Hearing loss tech developer Envoy goes public in SPAC deal

Anzu Special Acquisition Corp. and Envoy Medical announced last week that they completed a previously announced business combination.

The combination with Anzu, a special purpose acquisition company (SPAC) results in Envoy becoming a publicly listed company. It continues to operate under the name Envoy Medical. The company’s common stock commenced trading on the Nasdaq market on Oct. 2 under the COCH ticker.

SPAC deals have proven to deliver varying results — this year, we looked at some of medtech’s mergers and how they fared.

White Bear Lake, Minnesota-based Envoy develops hearing health technologies across the hearing loss spectrum.

Last year, Envoy received FDA investigational device exemption (IDE) for its Acclaim cochlear implant. Acclaim is a first-of-its-kind cochlear implant designed to be fully implanted using the ear, rather than a microphone, to pick up sound. The design leverages the natural anatomy of the ear to capture s…

Sanuwave to go public in $127.5M SPAC merger

Wound care company Sanuwave Health announced that it entered into a business combination agreement with SEP Acquisition Corp.

The merger with SEP, a special purpose acquisition company (SPAC), aims to create a Nasdaq-listed company. Upon the transaction’s completion, the combined company expects to operate under the Sanuwave name and the “SNWV” ticker. The proposed transaction values Sanuwave at $127.5 million.

According to a news release, Sanuwave expects its investors to have an approximately 69.6% equity ownership. This assumes the combined company received approximately $13 million in gross proceeds at closing. It includes $12 million from non-redeeming holders of SEPA’s Class A common stock and other PIPE investors, plus $1 million from the SPAC sponsor.

Approximately $8.5 million in capital has already been committed, including $7 million in shares of SEPA’s Class A stock.

“SEPA is a strong, value-…

Jasper Therapeutics makes changes to upper ranks

Hematopoietic cell transplant therapy specialist Jasper Therapeutics (Nasdaq:JSPR) has made several changes to its management team.

The Redwood City, California–based company has promoted Jeet Mahal to chief operating officer. Mahal previously served as the company’s chief financial and business officer.

Jasper has also elevated Dr. Wendy Pang to be the company’s senior vice president of research and translational medicine. Pang formerly had a similar role, minus the “senior” title.

In addition, Dr. Judith Shizuru, scientific advisory board chair, will lead the company’s clinical development for the time being.

Finally, Dr. Kevin Heller, executive vice president of research and development, will transition to a consultant role.

In late February, the company announced the appointment of Ronald Martell as CEO.

In a news release, Martell explained that the recent organizational structure changes would suppo…

The top 5 medtech news stories of 2021

The past year saw significant changes in the medtech space. Our editorial team picked their top stories.

The lingering COVID-19 pandemic was top of mind in 2021, but there was much more going on in the medical device industry. The Life Sciences editorial team here at WTWH Media discussed their top picks during the December 17 episode of our DeviceTalks Weekly podcast.

Go to our sister site Medical Design & Outsourcing to read more.

And here are some MassDevice stories that got social media attention in 2021…

Hyperfine closes SPAC merger, will begin trading on Nasdaq

Hyperfine’s Swoop portable MRI. [Image from Hyperfine]Hyperfine announced today that it completed its merger with HealthCor Catalio Acquisition Corp. and has gone public.

Guilford, Connecticut-based Hyperfine initially announced the proposed merger with HealthCor, a special purpose acquisition company (SPAC) in July.

The company will receive approximately $160 million in gross cash proceeds from the business combination and a concurrent private placement, according to a news release. The funds are earmarked for the company’s growth initiatives, including the commercial expansion of its Swoop FDA-cleared portable MRI system.

Swoop was designed to address the limitations of current imaging technologies by offering MRI for brain imaging any time, anywhere, through a console that wheels directly to a patient’s bedside, plugs into a standard electrical wall outlet and is controlled by an Apple iPad.

Hyperfine’s Class A common stock…

LumiraDx goes public as SPAC deal closes

The LumiraDx platform and test strip [Image courtesy of LumiraDx]LumiraDx shares are trading at more than $8 apiece on the Nasdaq today under the symbol LMDX after the company completed its merger with a SPAC called CA Healthcare Acquisition Corp.

The point of care diagnostic testing company has a pipeline of more than 30 assays across common health conditions, including infectious diseases, cardiovascular diseases, diabetes and coagulation disorders. The LumiraDx has already found use globally, including CVS Pharmacy in the U.S. and the National Health Service and Boots in the U.K.

“LumiraDx was founded to disrupt current point of care diagnostic options by providing rapid and highly accurate results wherever the patient is,” LumiraDx CEO Ron Zwanziger said in a news release yesterday.

“Our testing technology, which allows us to rapidly scale and offer lab-comparable testing with fast results across health conditions, is impacting healthcare across market …

Prenetics is going public through a SPAC deal

Genomic and diagnostic testing company Prenetics announced that it will merge with Artisan Acquisition Corp. and go public.

Artisan, a special purpose acquisition company (SPAC) will provide a business portfolio across retail, hospitality, healthcare, property and other strategic businesses for Prenetics to substantially expand its platform through the merger, according to a news release.

The transaction values Prenetics at approximately $1.25 billion with a combined equity value of approximately $1.7 billion. The Hong Kong- and UK-based diagnostics company says it projects 215% revenue growth year-on-year from $65 million last year to $205 million in 2021. Its 2025 revenue projections total more than $600 million.

Prenetics most recently launched Circle HealthPod in Hong Kong, a CE-IVD point-of-care diagnostic and at-home rapid detection health monitoring system for infectious diseases, starting with COVID-19. The R&D team is developing tests for in…

Fresenius Medical Care investing $25M in Humacyte as it goes public in SPAC deal

Fresenius Medical Care announced today that it will invest $25 million in Humacyte in connection with the merger of Humacyte and a SPAC.

Humacyte, which develops implantable human acellular vessels for multiple vascular repair, reconstruction and replacement, entered into a merger with a special purpose acquisition company (SPAC), leading Fresenius to increase its position in the newly combined entity as the lead investor of a private investment in public equity (PIPE), according to a news release.

Fresenius acquired a stake in Humacyte in 2018 for $150 million and agreed on a strategic partnership and now its original stake will be exchanged for shares in the combined company, which will remain under the Humacyte name and will trade on the Nasdaq market under the “HUMA” ticker.

Among several applications, Humacyte develops its implantable vessels to be non-immunogenic and available “off the shelf” for uses such as vascular access…

Humacyte to go public via SPAC

The biotech platform company Humacyte is merging with Alpha Healthcare Acquisition Corp. (NSDQ:AHAC) (“AHAC”), a special purpose acquisition company (SPAC).

AHAC’s shareholders approved the deal today and plan to submit results from the meeting to the SEC via a Form 8-K document.

The two organizations expect the merger to finalize on August 26 and stock shares to begin trading under the tickers “HUMA” and “HUMAW” a day later.

Based in Durham, N.C., Humacyte specializes in implantable bioengineered human tissues and organs, including acellular tissues for treating various ailments.

The company’s first product candidate, known as HAV, includes vascular cells on a polymer mesh that eventually form a cylindrical vessel structure. HAV is the first product to receive Regenerative Medicine Advanced Therapy (RMAT) designation from FDA. It has also received FDA fast track designation.

Former Duke University professor Laura Niklason and Duke Un…

HeartFlow to go public in $2.8B SPAC merger

HeartFlow today said that it will go public by merging with a SPAC called Longview Acquisition Corp.

The merger is valued at $2.4 billion with an estimated $400 million in cash after closing. The transaction is expected to deliver up to $599 million of gross proceeds to HeartFlow to accelerate the growth of its noninvasive, personalized cardiac tests.

“We believe that our non-invasive, artificial intelligence-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management,” HeartFlow president, CEO and cofounder John Stevens said in a news release. “Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision. I’m incredibly proud of the HeartFlow team in reaching this important milestone.”

Through the deal, the …

Hyperfine, Liminal to go public in $580M SPAC deal

Hyperfine and Liminal Sciences today said they will go public by merging with a SPAC called HealthCor Catalio Acquisition Corp.

The merger is valued at approximately $580 million upon closing and is expected to have a combined entity of $375 million in cash. The combined company’s estimated cash balance will be $207 million from the SPAC trust fund, $126 million from PIPE investors and $66 million from the balance sheets of Hyperfine and Liminal and less than $24 million in transaction expenses.

Through the deal, HealthCor Catalio will be renamed as Hyperfine and will be listed on the NASDAQ stock exchange under the ticker symbol HYPR.

“The combination of Hyperfine, Liminal and HealthCor Catalio presents an inspiring opportunity to transform the global MR imaging and brain-sensing paradigm,” Hyperfine president and CEO Dave Scott said in a news release. “This business combination will empower Hyperfine with the expanded resources, financing, and ex…