SPACs Archives - Medical Design Sourcing

Memic Innovative Surgery’s SPAC deal is off

Memic is the developer of Hominis — the first FDA-approved, robotically assisted surgical device for performing transvaginal hysterectomy. [Image from Memic Innovative Surgery]Memic Innovative Surgery and the SPAC called MedTech Acquisition Corp. are calling off the merger that would have taken Memic public.

The two companies said the decision was mutual — the result of market conditions and associated volatility due to recent world events. Memic is the developer of Hominis — the first FDA-approved, robotically assisted surgical device for performing transvaginal hysterectomy.

When announcing the proposed merger last year, the companies had said the deal would create a combined company with an estimated pro-forma equity value of more than $1 billion.

“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 accomplish…

Better Therapeutics closes SPAC merger, debuts on Nasdaq

Better Therapeutics announced today that it completed its merger with Mountain Crest Acquisition Corp and has gone public on the Nasdaq.

San Francisco-based Better Therapeutics announced its intention to merge with Mountain Crest, a publicly-traded, special purpose acquisition corporation (SPAC), in April. Last month, the company confirmed its expectations for the $113 million SPAC merger to go through by the end of October, as it has today.

Get the full story at our sister site, Drug Delivery Business News.

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 …

Vicarious Surgical stock continues to rise

[Image courtesy of Vicarious Surgical]It’s so far, so good for Vicarious Surgical (NYSE:RBOT) during its first week of trading as a public company.

The robotic surgery company’s shares were up more than 19% to $15.05 by midday today. During the company’s first day of trading yesterday, shares rose 2% to $12.60 apiece, even as the Dow Jones Industrial Average fell about 600 points.

In April, the surgical robotics company announced that it would go public through a $1.1 billion merger with the special purpose acquisition corporation D8 Holdings — a deal that the SPAC’s shareholders approved on Sept. 15. The roughly $220 million in proceeds from the SPAC merger is expected to fund the further development and planned commercialization of the single-incision Vicarious system, which received FDA breakthrough device designation in 2019.

Vicarious’ robot includes features such as arms that replicate human motion, and it boasts 9 degrees of f…

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…

Memic Innovative Surgery to go public via SPAC merger

Image from Memic Innovative Surgery

Memic Innovative Surgery announced that it entered into a merger agreement with special purpose acquisition company MedTech Acquisition Corp.

Tel Aviv, Israel-based Memic will operate under its current name upon the closing of the transaction, with Dr. Maurice R. Ferré — an independent director of MedTech and current chairman of Memic — will serve as executive chairman of the combined company. The companies expect the business combination to be completed in the fourth quarter of this year, according to a news release.

Listen to Dr. Maurice R. Ferré talk surgical robotics on the DeviceTalks Weekly Podcast.

Rumors of a potential SPAC merger popped up in May regarding Memic, which develops Hominis, the first FDA-approved, robotically assisted surgical device for performing transvaginal hysterectomy. At that time, there was no certainty over the completion of a deal.

“We are pleased…

Pear Therapeutics to go public via merger with SPAC

Pear Therapeutics announced today that it entered into a definitive business combination agreement with SPAC Thimble Point Acquisition Corp.

Boston-based Pear Therapeutics’ combination with the special purpose acquisition company (SPAC), whose management team is associated with the Pritzker Vlock Family Office, will result in a combined company named Pear Holdings Corp. The companies expect to complete the merger in the second half of this year.

Pear Holdings Corp. will be led by Pear’s current management team, with the combined company’s common stock set to be listed on the Nasdaq market under the ticker “PEAR,” according to a news release.

The business combination values the combined company at a pro format equity value of approximately $1.6 billion. Pear Holdings Corp. is expected to have approximately $450 million in net cash on its balance sheet upon the transaction, including approximately $400 million in gross proceed…

Report: Memic may go public through merger with SPAC

Memic’s Hominis robot-assisted surgery platform. [Image from Memic Innovative Surgery]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 ro…

Vicarious Surgical to go public in $1.1B SPAC deal

[Image courtesy of Vicarious Surgical]Vicarious Surgical will go public through a $1.1 billion special purpose acquisition company (SPAC) deal, the robotic surgery pioneer announced today.

Vicarious, which has sought to bring robotics and virtual reality to minimally invasive surgery, will trade on the New York Stock Exchange under the symbol RBOT after the merger with D8 Holdings.

Hong Kong–based D8 Holdings’ acquisition of Vicarious Surgical will add more than $425 million in cash to Vicarious’s balance sheet upon the deal’s close, including a $115 million private investment in public equity (PIPE) priced at $10 per share. Pipe investors include strategic investor BD, new institutional investors and existing investors including Bill Gates, Vinod Khosla’s Khosla Ventures, Eric Schmidt’s Innovation Endeavors, and Philip Liang’s E15 VC.

The SPAC deal comes nearly a year and a half after FDA provided breakthrough device des…