After signing a $ 482 million IPO deal late last year, spinal implant maker Accelus and its partner SPAC CHP Merger Corp. have decided to retire.
The two companies mutually agreed to proceed with the transaction “due to market conditions,” they said in a statement, with Accelus co-founder and CEO Chris Walsh calling the move a “strategic pinch.”
Originally backed by a subsidiary of Concord Health Partners, the SPAC deal was intended to bring Accelus – itself the result of a 2021 merger between Integrity Implants and minimally invasive device developers Fusion Robotics – to Nasdaq to launch its technologies on the backbone. to speed up operations.
These include Integrity’s FlareHawk lumbar intercom fusion device, which received FDA clearance in 2016 and CE Mark approval in 2021, and the agency-approved LineSider, TiHawk, and Toro-L systems, as well as the imaging system. 3D is compatible with FDA Shipping Robot. and the acquisition of objectives. System.
In March, Accelus announced the first successful surgeries that combine its Remi navigation system with its LineSider posterior fixation implant. The compact platform includes a four-pound robotic aiming system and a near-field camera mounted on the operating table that tracks the use of surgical instruments and the placement of screws.
“We continue to see increased demand for our highly differentiated product portfolio, and particularly minimally invasive robotic techniques, both in hospitals and [hospital surgical centers],” Walsh said in a press release, announcing the end of the SPAC agreement.
Accelus is far from the first company to reverse its IPO in recent months. The appetite for SPAC markets began to deteriorate in the second half of last year – after the start of 2021 with dizzying speeds and skyrocketing values - and many blamed the “market conditions” for the sudden change in plans.
HeartFlow announced plans in July 2021 to list on the New York Stock Exchange in a $ 2.4 billion deal backed by Glenview Capital Management, but it was canceled last February. And last November, Valo Health Biotechnology terminated a $ 750 million contract with SPAC backed by Khosla Ventures after proposing a merger in June.
The main SPAC markets, however, have not completely gone extinct: Akili Interactive in January signed a market worth around $ 1 billion in total capital that the public prescription video game company would build on Nasdaq around half as much. year, if it worked well. planned works.