- Vicarious Surgical to debut on NYSE as a disruptive
next-generation surgical robotics company
- Approximately $220 million in gross cash proceeds to catalyze
advancement of Vicarious Surgical’s robotic technology, clinical
programs, and strategic business initiatives
- Combined company to trade on NYSE under ticker symbol
“RBOT”
Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”)
(NYSE: RBOT, RBOT WS), a next-generation robotics technology
company seeking to improve both cost and efficiency of surgical
procedures as well as patient outcomes, today announced that the
shareholders of D8 Holdings Corp. (“D8”) (NYSE: DEH.U, DEH, DEH
WS), have approved the previously announced business combination at
the shareholder meeting held today, September 15, 2021. The
business combination is expected to close on September 17, 2021 and
is expected to provide approximately $220 million in gross proceeds
to fund the further development and planned commercialization of
the Company’s intelligent and affordable, single-incision surgical
robot (the “Vicarious System”) that virtually transports surgeons
inside the patient to perform minimally invasive surgery.
Following the close of the transaction, the combined company
will be renamed “Vicarious Surgical Inc.” Its Class A common stock
and warrants are expected to begin trading on the New York Stock
Exchange (“NYSE”) on September 20, 2021, under the symbols “RBOT”
and “RBOT WS,” respectively.
With its disruptive next-generation robotics technology,
Vicarious Surgical is seeking to increase the efficiency of
surgical procedures, improve patient outcomes, and reduce
healthcare costs. Vicarious Surgical believes that the Vicarious
System is the first surgical robotic system to receive Breakthrough
Device Designation from the U.S. Food and Drug Administration (the
“FDA”)1.
The total $142 million PIPE supporting the transaction is funded
by multiple strategic investors including global medical technology
company BD (Becton, Dickinson and Company) (NYSE: BDX), major
hospital groups in the U.S. and Asia, and surgical robotics pioneer
Roberta Lipson, founder of United Family Healthcare and its
predecessor Chindex International Inc. and CEO of New Frontier
Health Corporation (NYSE: NFH). Technology luminaries Bill Gates,
Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Sun Hung Kai
& Co. and Philip Liang’s E15 VC are also investing.
“Today’s vote approving our business combination is an exciting
and important milestone on our path to challenge the complexity and
limited adoption of robotic surgery with a system designed to
provide improved access, surgical capability, and visualization to
patients and providers in both the U.S. and international markets,”
said Adam Sachs, CEO and co-founder of Vicarious Surgical. “We look
forward to transforming the future of surgical robotics, with our
company backed by global institutional support, multiple
large-scale strategic partners, and investment from distinguished
healthcare executives with deep experience in driving surgical
robotic adoption.”
“The combination of D8 and Vicarious Surgical will open a
transformative new chapter in the field of surgical robotics,” said
Donald Tang, President of D8 and Managing Partner of Celadon
Partners. “We believe Vicarious Surgical is advancing the state of
the art, resolving longstanding technical challenges that have
limited the capabilities and adoption of surgical robots. We
believe in Vicarious Surgical’s potential to drive a paradigm shift
in the cost and accessibility of certain surgical procedures as
well as improvements to patient outcomes. We consider Vicarious
Surgical to be a thought leader in the surgical space and we
believe the market is ready for surgical robots that drive
efficiency and improved quality of patient care. We see the need
for greater innovation and choice to patients and practitioners,
both in the U.S. and abroad, believe Vicarious Surgical can meet
that need, and are excited to support Adam on this incredibly
important mission.”
The combined company will be led by Adam Sachs as Chief
Executive Officer and President, alongside its highly experienced
executive team including Sammy Khalifa as Chief Technology Officer,
William Kelly as Chief Financial Officer, and June Morris as Chief
Legal Officer and General Counsel. The combined company's board of
directors will include David Styka as Chairman, Mr. Sachs, Mr.
Khalifa, Donald Tang, former President of D8, David Ho, Professor
of Medicine at Columbia University Irving Medical Center, Dror
Berman, Partner of Innovation Endeavors, Samir Kaul, General
Partner of Khosla Ventures, Ric Fulop, CEO of Desktop Metal, and
Philip Liang, Managing Partner of E15VC.
Advisors
Credit Suisse acted as lead financial advisor to Vicarious
Surgical. Credit Suisse and ICBC acted as joint placement agents in
the private offering. BTIG, Canaccord Genuity, Cowen, and Piper
Sandler acted as capital markets advisors to Vicarious Surgical.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal
advisor to Vicarious Surgical. White & Case LLP acted as legal
advisor to D8.
About Vicarious Surgical
Founded in 2014, Vicarious Surgical is a next generation
robotics company developing a disruptive technology with the goals
of increasing the efficiency of surgical procedures, improving
patient outcomes and reducing healthcare costs. The Company’s novel
surgical approach uses a combination of proprietary human-like
surgical robots and virtual reality to transport surgeons inside
the patient to perform minimally invasive surgery. The Company’s
technology was granted Breakthrough Device Designation by the FDA,
and Vicarious Surgical believes the Vicarious System is the first
surgical robot to receive this designation from the FDA. The
Company is led by an experienced team of technologists, medical
device professionals and physicians, and is backed by technology
luminaries including Bill Gates, Vinod Khosla’s Khosla Ventures,
Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai
& Co. Ltd and Philip Liang’s E15 VC. The Company is
headquartered in Waltham, Mass. Learn more at
www.vicarioussurgical.com.
About D8 Holdings Corp.
D8 Holdings Corp. a special purpose acquisition company seeking
a business combination with a company that applies technology and
innovation to disrupt large addressable markets. D8’s objective is
to identify a target business that is under-valued relative to its
potential and ready for transformative improvement.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. The combined
company's actual results may differ from its expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "continue," and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the combined company's expectations with respect to
financial results, future performance, development of products and
services, the capability of the Vicarious Surgical system to
improve patient outcomes, anticipated financial impacts and other
effects of the business combination on the combined company's
business, and the size and potential growth of current or future
markets for the combined company's products and services. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside the combined company's control
and are difficult to predict. Factors that may cause such
differences include, but are not limited to: the impact of COVID-19
on the combined company's business; the ability to maintain the
listing of the combined company's Class A common stock on the NYSE
following the business combination; the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of the
combined company to grow and manage growth profitably and retain
its key employees; changes in applicable laws or regulations; the
ability of the combined company to raise financing in the future;
the success, cost and timing of the combined company's product and
service development activities; the potential attributes and
benefits of the combined company's products and services; the
combined company's ability to obtain and maintain regulatory
approval for its products, and any related restrictions and
limitations of any approved product; the combined company's ability
to identify, in-license or acquire additional technology; the
combined company's ability to maintain its existing license,
manufacture, supply and distribution agreements; the combined
company's ability to compete with other companies currently
marketing or engaged in the development of products and services
that the combined company is currently marketing or developing; the
size and growth potential of the markets for the combined company's
products and services, and its ability to serve those markets,
either alone or in partnership with others; the pricing of the
combined company's products and services and reimbursement for
medical procedures conducted using its products and services; the
combined company's estimates regarding expenses, revenue, capital
requirements and needs for additional financing; the combined
company's financial performance; and other risks and uncertainties
indicated from time to time in the proxy statement/prospectus
relating to the business combination, including those under "Risk
Factors" therein, and the combined company's other filings with the
SEC. The combined company cautions that the foregoing list of
factors is not exclusive. The combined company cautions readers not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made. The combined company does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
1 As of the date of this press release, Vicarious Surgical is
not aware of any surgical robotics company that has received
Breakthrough Device Designation for a full robotics system.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210915006113/en/
Investor Inquiries: Marissa Bych Gilmartin Group LLC
ir@vicarioussurgical.com
Press and Media Inquiries: Jill Gross Matter
Communications media@vicarioussurgical.com
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