- Memic Innovative Surgery Ltd has pulled out of a reverse merger deal with MedTech Acquisition Corporation (NASDAQ:MTAC), a special purpose acquisition company (SPAC) focused on medical technology.
- Last August, Memic announced its merger with MedTech Acquisition Corporation to take the surgical robot public. As of this week, however, the deal is off.
- Memic is a developer of the FDA-cleared Hominis system for robotic-assisted surgery.
- In an announcement published Thursday, the companies said they had mutually decided to terminate their business combination, citing "market conditions and associated volatility as a result of recent world events."
- "With the recent adoption of our Hominis system by three leading U.S. hospitals, we are excited about the ability of the Hominis system to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women's health, with the potential to be applied to a broad range of indications in the future including general surgery. We are grateful for the support we have received from the MedTech team, whose commitment to surgical robotics we share," said Dvir Cohen, co-founder and Chief Executive Officer of Memic.
- The reverse merger was expected to create a combined company with over $1 billion equity value and about $360 million in cash in its coffers.
- The deal was to be supported by proceeds from the blank-check company's $250 million IPO and a planned private investment round totaling $76 million.
