Medical Device Company Hyperfine Closes Business Combination with SPAC.

M2 EQUITYBITES-December 29, 2021-Medical Device Company Hyperfine Closes Business Combination with SPAC


US-based medical device company Hyperfine Inc., which created the Swoop portable MRI system, has completed its business combination with special purpose acquisition company HealthCor Catalio Acquisition Corp. (NASDAQ: HCAQ), the company said.

HealthCor Catalio Acquisition was sponsored by healthcare funds HealthCor Management, L.P. and Catalio Capital Management, LP, and Liminal Sciences, Inc, a medical device development company dedicated to non-invasive measurement of key vital signs in the brain.

Hyperfine will receive approximately USD 160m in gross cash proceeds from the business combination and a concurrent private placement and will use the funds to catalyze the company's growth initiatives, including commercial expansion of the Swoop system.

Hyperfine's class A common stock will begin trading on the NASDAQ Global Market on December 23, 2021 under the symbol "HYPR."

Hyperfine's Swoop Portable MR Imaging System is designed to address the limitations of current imaging technologies and make MRI for brain imaging accessible anytime, anywhere, to any patient.

Swoop wheels directly to the patient's bedside, plugs into a standard electrical wall outlet, and is controlled by an Apple iPad.

Designed as a complementary system to traditional MRIs at a fraction of the cost, images of the internal structure...

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