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A SPAC led by the founder of Memic Innovative Surgery and several experienced medical device company executives has announced its merger partner.
The SPAC Deal: Memic Innovative Surgery announced a SPAC merger with MedTech Acquisition Corp (NASDAQ:MTAC) Friday.
The merger values Memic at $665 million. The deal is expected to close in the fourth quarter of 2021.
About Memic: The Hominis platform from Memic is the first and only FDA authorized surgical robot featuring a miniature humanoid-shaped arm. The company received FDA marketing authorization in February 2021.
“We believe the Hominis platform has the potential to transform the way surgeons perform robot-assisted procedures,” Memic co-founder and CEO Dvir Cohen said.
The Hominis is designed to replicate the motions of a surgeon’s arms with shoulder, elbow and wrist joints.
The company’s initial target market size is more than one million women’s health procedures in the U.S. and over four million globally.
Related Link: 5 SPACs To Watch In The Second Half Of 2021
Growth Ahead: The small compact size of Hominis occupies a smaller footprint and comes with cost advantages compared to other medical devices.
Going public and the raised capital will help the company expand its commercialization efforts in women’s healthcare and develop additional Hominis robot-assisted surgical applications.
The company plans to expand its products in the women’s health field and into sectors such as colorectal, thoracic, transoral and transrectal surgeries.
Memic has filed for a CE Mark for approval in Europe for the Hominis system.
Price Action: MTAC shares are up 0.67% to $9.81 on Friday.
Posted In: MTAC
