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Peregrine Ventures Portfolio Company Memic Announces $1B Valuation SPAC deal
OR YEHUDA, Israel, Aug. 19, 2021 /PRNewswire/ -- Peregrine Ventures portfolio company Memic Innovative Surgery Ltd. has entered into a definitive agreement
About this update from Trisalus Life Sciences, Inc.
[{"type":"text","content":"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. \nMemic 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. \nFollowing 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.\n\"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.\" \nLifschitz 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.\"\nMemic'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. \nThe 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 acces...