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GigCapital5, Inc. (NYSE:GIA), a publicly traded special purpose acquisition company ("GigCapital5"), and QT Imaging, Inc. ("QT"), a medical imaging company that develops novel products for body imaging, announced today that they have entered into an exclusive, non-binding term sheet, with the goal of completing a business combination in the first half of 2023, resulting in QT becoming a publicly traded company.
QT is a vertically integrated medical imaging company in the business of manufacturing ultra-low frequency transmitted sound imaging systems for breast and body imaging. In 2014, QT purchased the assets of Techniscan Medical and relocated from Salt Lake City, Utah, to Novato, California. QT's FDA-cleared breast scanner addresses critical deficiencies in the current breast imaging paradigm. The device is currently deployed in three U.S. and two foreign locations, and QT plans to place four additional scanners before the end of 2022. QT is entering a commercial growth phase and would use the proceeds of the merger to further expand its commercial activities.
"QT's core mission is to provide safe, highly accurate and inexpensive imaging systems to women and children," said John Klock, MD, Founder and CEO of QT. "Our broad-based medical imaging solution spans from breast scanning today to scanning infant body and orthopedics in the future. The combination and partnership with GigCapital5 will allow us to further deliver on our mission, accelerate our growth, and provide significant shareholder value as a public company."
Dr. Avi Katz, Founding Managing Partner of GigCapital Global and Chairman of the board of directors of GigCapital5, commented: "We incepted GigCapital Global in 2017 as a lead sponsor of Private-to-Public Equity (PPE) TMT companies, also known as special purpose acquisition companies (SPAC), driven by the purpose of bettering our world and our planet. Our sixth PPE fund, GigCapital5, Inc. was incepted in September 2021 with special focus on sophisticated technologies, with emphasis on advanced medical equipment. We are delighted to partner with John and the QT team on their journey to the public market, as it represents a timely investment opportunity in the development of next-generation, radiation-free, patient-friendly, high resolution medical imaging technology. Hence, QT's purpose and mission, FDA-cleared technology, global growth potential and substantial impact on health care make it an ideal target for GigCapital5. We look forward to supporting their transition to a public company and beyond."
Posted In: GIA
