The merger will allow Hyperfine to gain $160m in gross cash proceeds
Hyperfine’s portable Swoop system is a FDA-cleared bedside MRI system. (Credit: Business Wire)
Medical device company Hyperfine has completed its merger with a special purpose acquisition company HealthCor Catalio Acquisition.
The merger will allow Hyperfine to gain $160m in gross cash proceeds.
HealthCor is sponsored by healthcare funds HealthCor Management and Catalio Capital Management and Liminal Sciences, a medical device development company focused on non-invasive measurement of key vital signs in the brain.
Hyperfine will utilise the proceeds to boost its growth initiatives, including commercial expansion of the Swoop system, which is FDA-cleared portable magnetic resonance imaging (MRI) system.
Designed to address the limitations of current imaging technologies, the system makes MRI for brain imaging accessible anytime, anywhere, to any patient.
Controlled by an Apple iPad, Swoop is developed to wheel directly to the patient’s bedside and allows plugging into a standard electrical wall outlet.
The Swoop system enables to capture images of the internal structure of the head in minutes, to provide critical decision-making capabilities for various clinical settings.
Hyperfine president and CEO Dave Scott said: “Our public market debut is an exciting and important milestone on our path to pushing the boundaries of imaging technology and improving patient access to timely, high-quality care in both the U.S. and international markets.
“Swoop’s technology and value proposition are clear, but we have only just begun executing on our commercial goals, and we are pleased by the positive response to Swoop from providers and patients here in the U.S. and around the world.
“We are confident that our commercial traction and more importantly, our impact, will continue ramping as we expand to even more new sites and geographies.”
JP Morgan served as exclusive financial advisor to Hyperfine and Liminal in connection with the transaction, while Mintz, Levin, Cohn, Ferris, Glovsky and Popeo acted as their legal advisor.
Recently, Hyperfine secured the Health Canada licensing for its Swoop to make available the system in Canada.