The Israeli robotics company Memic will be merged into the MEDTECH ACQUISITION CORPORATION

The Israeli robotics company Memic will be merged into the MEDTECH ACQUISITION CORPORATION (NYSE: MTAC) skeleton at a value of about $ 1 billion. The deal is expected to be lifted in the fourth quarter of this year. Memic's shareholders will hold approximately 61.6% of the merged company's capital.
Mick has developed a robotic platform for minimally invasive surgery and has raised about $ 116 million since its inception, including from Israeli venture capital funds Peregrine, OurCrowd, and Accelmed, the American brokerage and investment management firm Ceros, Mivtach Shamir + 2.04% and Ariel University. The skeleton to which it will merge was created for the absorption of activities of companies in the field of medical robotics and raised $ 250 million when it was issued in December.
Even before the merger, PIPE will invest $ 75 million in the company, from entities including Wellington Management, Pura Vida Investments, Bridger Healthcare, the Kraft Group, the Israeli Peregrine Ventures, the HighSage venture capital fund, as well as members of the SPAC board of directors. Following the merger, in addition to the $ 36 million currently held by Mick, the amount will increase to $ 360 million.
Mamik began her career at Ariel University under the incentive incubator of the Peregrine Venture Capital Fund. Its development is Hominis (Latin human form), a human-like surgical robot. The business model is based on the sale of the robot to medical institutions, including a kit of consumable surgical aids and an annual service and support contract.
In February this year, it received FDA approval for the use of a robot for abdominal surgery on women through the vagina, which reduces pain and the risk of infections and allows for faster-than-usual recovery without leaving scars. Memic says the Hominis is the first robot to receive FDA approval. The company has applied to the European regulator for a similar approval.
Performing vaginal access surgeries has so far only been possible in 16% of cases, the company explains. Nearly one million gynecological surgeries are performed each year in the United States, and over 4 million such surgeries are performed worldwide. About a third of women in the United States have to undergo some gynecological surgery before reaching the age of 60. Most surgeries (90%) are related to benign tumors, abnormal intrauterine bleeding, pelvic prolapse, etc. The company is tapping the market potential in the United States.
With the amount raised, Mic will promote the commercialization of the robot in the U.S. and around the world for the label approved by the FDA, as well as promote approval for additional labels. The company will also use the money raised to hire more workers and promote research and development.