MedTech Acquisition Corporation (NASDAQ:MTAC) announced this afternoon that it has completed its business combination with drug developer TriSalus Life Sciences.
The deal was initially approved by shareholders at a special meeting held on August 8. A further 890,499 shares were redeemed in the vote, which reduced the SPAC’s trust by $9.4 million, leaving about $2.6 million remaining.
Funds generated in connection to the merger with MedTech, including the proceeds from the recently concluded private placement transaction as well as the funds in the SPAC’s trust, in combination with the available cash on hand, provides a cash runway to support Trisalus’ essential milestones through mid-2024.
TriSalus’ common stock and warrants are now expected to start trading on the Nasdaq under the ticker symbols “TLSI” and “TLSIW,” respectively, on August 11.
MedTech initially announced its $234 million combination with TriSalus Life Sciences in November. Denver-based TriSalus is developing a range of cancer treatments that utilize the company’s approved and commercialized medical device
TriSalus plans to have Phase 1 efficacy data for a trial involving multiple doses of its SD-101 candidate in the second half of this year. In April, TriSalus presented clinical data from its Phase I trials using doses of varying size, which indicated positive results in reducing tumor growth in liver cancer patients.
The company’s new board of directors consists of Mats Wahlstrom, Mary Szela, Sean Murphy, Kerry Hicks, Dr. Anil Singhal, Dr. Andrew C. von Eschenbach, Kelly Martin, David J. Matlin and Dr. Arjun (“JJ”) Desai.
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