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
amir@meirovitch.com
View original
content:https://www.prnewswire.com/news-releases/peregrine-ventures-portfolio-company-memic-announces-1b-valuation-spac-deal-301359186.html
SOURCE Peregrine Ventures