MedTech Acquisition Corporation (Nasdaq: MTAC) announced this afternoon that it convened and then adjourned its completion vote for its business combination with drug developer TriSalus Life Sciences.
The special meeting, initially planned for today, has been rescheduled to 11:00 a.m. ET on August 8. In connection with the adjournment, MedTech has extended the deadline for stockholders to submit their shares for redemption to 5:00 p.m. ET on August 4.
Prior to today’s meeting, MTAC filed an 8-K regarding the written response received by TriSalus from the FDA in reference to a meeting request for TriSalus’ PERIO-01 clinical program. The FDA acknowledged that early data from the program showed that TriSalus’ pressure-enabled drug delivery (PEDD) method had a tolerable safety profile and has requested further exploration of the dose before proceeding with a registrational trial.
TriSalus plans to have Phase 1 efficacy data for multiple SD-101 doses by the second half of 2023. As a result of the FDA’s responses, TriSalus expects a potential new drug application submission for SD-101 in uveal melanoma with liver metastases to likely occur beyond 2025, pending Phase 2 data.
MedTech initially announced its $234 million combination with TriSalus Life Sciences in November. Within the past few months, the parties agreed to drop the deal’s minimum cash condition to $35 million from $60 million. Additionally, the SPAC disclosed last month that it added a $17.8 million convertible share investment and a $2 million backstop to its combination with the drug developer.
Denver-based TriSalus is developing a range of cancer treatments that utilize the company’s approved and commercialized medical device. In April, TriSalus presented clinical data from its Phase I trials, which indicated positive results in reducing tumor growth in liver cancer patients.
The combined company is expected to trade on the Nasdaq under the symbol “TLSI” once the deal is completed.
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