Memic Innovative Surgery to Combine With SPAC MedTech Acquisition

Israeli medical-device company Memic Innovative Surgery on Friday unveiled plans to go public through a combination with blank-check company MedTech Acquisition Corp.

The companies said the transaction gives Memic a pro-forma equity value topping $1bn, with roughly $360m of cash on its balance sheet.

 

Memic’s Hominis platform is a surgical robot that features miniature humanoid-shaped arms, providing human-level dexterity and 360-degree articulation. The U.S. Food and Drug Administration earlier this year authorized marketing of the system to help facilitate transvaginal hysterectomy in certain patients.

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MedTech and Memic said the combined company’s estimated cash balance will include MedTech’s $250m cash held in trust, $76m from a fundraising known as a private investment in public equity, or PIPE, and $63m from Memic’s current balance sheet.

Memic’s current investors would own roughly 61.6% of the company upon completion of the transaction, expected by the end of the year, while MedTech shareholders would own 24.7%. PIPE investors would hold 7.5% and MedTech’s sponsors would get the rest.

Source: Market Watch 

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