Robotics Firm Memic Is in Talks to Go Public Via SPAC
(Bloomberg) -- Memic Innovative Surgery, a medical-device company that specializes in robot-assisted surgery, is in talks to go public through a merger with MedTech Acquisition Corp., a blank-check firm, according to people with knowledge of the matter.
The special purpose acquisition company may raise additional equity through a so-called private investment in public equity, or PIPE, some of the people said. Terms of the deal couldn’t immediately be learned. As with all transactions that aren’t finalized, it’s possible talks could fall apart.
A MedTech representative declined to comment and a spokesperson for Memic didn’t immediately respond to requests for comment.
Memic in April said it had raised $96 million from investors including Peregrine Ventures and Ceros, with participation from OurCrowd and Accelmed. It said at the time that funding would support the commercialization of its Hominis robotic-assisted surgical platform in the U.S. and potentially offshore.
The Tel Aviv-based company, led by co-founder and Chief Executive Officer Dvir Cohen and Chairman Maurice R. Ferre, in February received de novo marketing authorization for its Hominis system from the U.S. Food and Drug Administration for use in certain types of surgical procedures, including benign hysterectomies. The platform has miniature robotic arms, which the company says provide human-level dexterity and essentially replicate the motions performed by surgeons.
MedTech, led by CEO Christopher Dewey, raised $250 million in a December initial public offering.
Another robotics startup, Vicarious Surgical Inc., has agreed to go public through a merger with a SPAC, D8 Holdings Corp.
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