TriSalus Life Sciences, a privately held oncology therapeutics company focused on the treatment of liver and pancreatic tumors, announced on November 14 it had entered into a definitive merger agreement with MedTech Acquisition Corporation, a publicly traded special purpose acquisition company focused on medical technology.
Upon the closing of the transaction, the combined company will be a publicly traded company and its common stock is expected to be listed on the NASDAQ Stock Exchange under the ticker “TLSI”. The transaction represents a post-transaction market capitalization of approximately $244.4 million for TriSalus.
At the completion of the transaction, TriSalus expects to have at least $60 million in cash, assuming significant redemptions. The expected cash at closing includes up to $50 million from a convertible note for which MedTech and TriSalus have entered into a non-binding term sheet with a leading institutional investor.
Cooley LLP is acting as legal counsel to TriSalus. Raymond James is acting as exclusive financial advisor to MedTech and as the sole placement agent on the convertible offering and Paul Hastings LLP is serving as legal counsel to the placement agent. Foley & Lardner LLP is acting as legal counsel to MedTech.
TriSalus’ proprietary platform approach addresses immune dysfunction in liver and pancreatic tumors by combining its highly effective drug delivery technology with immunotherapeutics. Launched in 2020, the TriNav Infusion System is an FDA-cleared device that is designed to administer established and emerging therapeutics, including SD-101, TriSalus’ investigational TLR9 agonist, to selected sites, including tumors in the liver with the ability to treat disease throughout the entire organ.
According to the LevinPro HC database, this marks the 104th Medical Devices transaction of 2022 and the ninth of the fourth quarter.
