Peregrine Ventures Portfolio Company Memic Announces $1B Valuation SPAC deal
OR YEHUDA, Israel, Aug. 19, 2021 /PRNewswire/ -- Peregrine Ventures portfolio company Memic Innovative Surgery Ltd. has entered into a definitive agreement for a business combination with MedTech Acquisition Corporation (NASDAQ:MTAC), a publicly traded special purpose acquisition company (SPAC) focused on medical technology, including surgical robots.
Memic is an Israeli based medical device company, founded and grown in Peregrine's incubator, that has developed the Hominis®, a robotic platform for surgical procedures.
Following the completion of the business combination transaction – expected in the fourth quarter of 2021 – the combined company will operate under the Memic name with an estimated pro-forma equity value of more than $1 billion. Accordingly, Memic will apply to have its ordinary shares listed on the NASDAQ.
"Memic brings to the market a robotic technology that enables robotic surgery with an accuracy not known before at an affordable price," said Eyal Lifschitz, co-founder and managing partner of Peregrine Ventures, who serves as the vice Chairman of Memic and also as chairman of the business committee on Memic's board of directors. Lifschitz, who was closely involved in the establishment of the company noted that "we made the connection with an unusually professional SPAC led by professionals in the medical robotic field."
Lifschitz added: "The combination of Memic, led by CEO Dvir Cohen, and the MedTech Acquisition Company will enable Memic to realize its vision of global leadership for cutting edge robotic medicine."
Memic's Hominis® platform is the first and only FDA-authorized surgical robot that features miniature humanoid-shaped arms, with shoulder, elbow, and wrist joints, providing human level dexterity and 360-degree articulation. Hominis' small, compact, and mobile design occupies a minimal footprint at a significant cost advantage compared to available robotic technology.
The first FDA-authorized indication of Hominis® is in women's health, including benign hysterectomy via transvaginal approach, which is known to be less painful, has lower infection rates, has faster recovery and no visible scarring. Current robotic technology doesn't allow transvaginal access. Vaginal access is performed manually in 16% of all cases. Hominis® was developed to address the anatomical barriers and accessibility challenges that have up to now limited the use of robotic technology in this kind of surgery.
Memic received its initial investment from Peregrine in Peregrine Ventures' incubator and received extensive financial support and guidance from Peregrine since the company's inception. Over the years, Peregrine has played a key role in forming Memic's Business Development and IP strategy and in assisting the company through the product development and the clinical stage processes. Peregrine, as the major stake holder in Memic, has led all Memic's financing rounds and directly contributed to the rapid growth in the company's valuation over the past years.
Memic has applied for approval of its Hominis® system in countries outside the U.S. including the CE Mark from the European Union. As part of its R&D efforts, Memic plans to pursue general surgery and transluminal indications for the system.
About Peregrine Ventures
Peregrine Ventures was founded in 2001 by serial entrepreneurs Eyal Lifschitz and Boaz Lifschitz, who have been active in the establishment of startups since the 1990s. Over the years, they have been joined by partners Lior Shahory, Tamir Tal, David Eldar and Tal Carasso. Among the fields of investment by Peregrine today: pharma-oncology, medical devices, implants, disposable equipment, and digital health. To date, Peregrine has had 13 exits, not including Memic, with an accumulated value of more than $2 billion, including Valtech and Neovasc. Peregrine's portfolio includes fast growing companies, each of them with a valuation of hundreds of millions of dollars.
About Memic
Memic was founded in 2013 and based in Tel Aviv, Israel with a wholly owned subsidiary based in Fort Lauderdale, Florida, is a medical device company dedicated to transforming surgery with its proprietary surgical robotic technology. For more information, visit: https://memicmed.com.
Media contact:
Amir Ben Artzi
Meirovitch PR
[email protected]
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SOURCE Peregrine Ventures