Memic and MedTech Acquisition Corporation announce tie-up
Memic Innovative Surgery, a surgical robotic technology, and MedTech Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC) focussed on medical technology, have entered into a definitive agreement for a business combination.
Upon the closing of the transaction, the combined company will operate under the Memic name and Maurice R. Ferré, MD, an independent director of MedTech and current chairman of the board of Memic, will become executive chairman of the combined company. Memic will apply to have its ordinary shares listed on Nasdaq. The business combination is expected to be completed in the fourth quarter of 2021.
Dvir Cohen, co-founder and chief executive officer of Memic, said: "We are pleased to reach a merger agreement with MedTech, which represents a significant opportunity to advance the robot-assisted surgery market in ways that, until now, have been unattainable. We believe the Hominis platform has the potential to transform the way surgeons perform robot-assisted procedures, beginning with our currently FDA-authorised indications that include transvaginal benign hysterectomy. Our partnership with the MedTech team, which provides decades of collective experience in surgical robotics, is an important step in bringing our advanced technology to medical facilities and patients across the United States and the world. We look forward to entering the public markets and working together with MedTech in the next phase of our company's journey."
Chris Dewey, chief executive officer of MedTech, said: "This agreement with Memic reflects the continued commitment of our management team and board of directors to deliver value to our stockholders. Following a comprehensive review of investment opportunities, we were impressed with the highly accomplished management team at Memic and its disruptive, minimally invasive, cost-effective Hominis system, which positions the company well for substantial growth and profitability. We believe that Memic's innovative technology, coupled with our team's expertise in successfully commercialising medical device companies, has the potential to create significant value for stockholders in the years ahead."
Maurice R. Ferré, MD, co-founder of MAKO Surgical, added: "We believe that the Hominis platform represents the most significant advancement in soft-tissue surgical robotics in recent decades and this agreement further validates how our technology is positioned to transform the surgical robotics sector. Hominis is able to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women's health, and we believe it has the potential to be applied to a broad range of indications in the future including general surgery."
Company overview
Hominis received de novo marketing authorisation from the FDA in February 2021 for use in single site, natural orifice laparoscopic-assisted transvaginal benign surgical procedures, including benign hysterectomy. It is the first and only FDA-authorised surgical robotic platform that features miniature humanoid-shaped robotic arms that provide human level dexterity, multi-planar flexibility and 360 degrees of articulation, allowing it to reach the entire surgical site. The company's initial target addressable market is over 1 million women's health procedures in the United States and over 4 million globally. The company plans to expand within women's health, as well as into additional applications including general, colorectal, thoracic, transoral and transrectal surgeries.
The biomimetic instruments are designed to replicate the motions and capabilities of a surgeon's arms, with shoulder, elbow, and wrist joints. Multiple instruments can be introduced into the body through a single portal and the 360-degree articulation offers the ability to bend and work around anatomic barriers, as well as optimal access and working angles. The system's proprietary instruments and human-like features enable surgeons to perform indicated gynaecologic procedures using the transvaginal approach, which research shows results in better clinical outcomes for patients, including reduced pain, recovery time and rates of infection and no visible scarring.
The small, compact and mobile design of Hominis also offers a minimal footprint, with simple docking and a short setup time for surgeons, without requiring a dedicated operating room. Hominis can be purchased at a significant cost advantage compared to other available robotic technology.
Memic has applied for a CE mark for the Hominis system in additional countries outside the United States with decisions and expanded commercialisation pending.