Memic Hominis System
Israeli medtech startup Memic Innovative has called off its planned initial public offering. The IPO was supposed to be held through an SPAC merger with MedTech Acquisition Corporation that would have given it a $1 billion valuation.
Specific reasons for the cancelation were not given, but the company said that its decision was, “due to market conditions and associated volatility as a result of recent world events.”
“While we are disappointed that our proposed business combination with Memic will not be consummated, we believe that Memic’s Hominis system and its innovative technology, as well as Memic’s highly accomplished management team, will position Memic for future success,” said Chris Dewey, Chief Executive Officer of MedTech.
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This is the second such announcement this week alone. On Sunday Gett, an Israeli based international taxi services company, was forced to call off its planned SPAC merger with Nasdaq-traded special purpose acquisition company Rosecliff Acquisition ahead of an IPO. The two companies issued a statement explaining, “As a result of current market conditions, Gett and Rosecliff have mutually agreed to terminate their previously announced business combination agreement.” Like Memic, no mention was made about the continued turmoil in Ukraine, but it is not hard to see that the events there are related.
Memic declares that its mission is to transform robot-assisted surgery. Its main product is Memic’s Hominis surgical platform which features miniature, humanoid-shaped robotic arms with human dexterity, superhuman flexibility, and 360˚ articulation for various access configurations. The company states that this makes it ideal for minimally-invasive procedures that until now have been off-limits to robot-assisted surgery.
Hominis is the only FDA authorized product for transvaginal robotic surgery.
“With the recent adoption of our Hominis system by three leading U.S. hospitals, we are excited about the ability of the Hominis system to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women’s health, with the potential to be applied to a broad range of indications in the future including general surgery. We are grateful for the support we have received from the MedTech team, whose commitment to surgical robotics we share,” said Dvir Cohen, co-founder and Chief Executive Officer of Memic.
