Hyperfine announced today that it completed its merger with HealthCor Catalio Acquisition Corp. and has gone public.
Guilford, Connecticut-based Hyperfine initially announced the proposed merger with HealthCor, a special purpose acquisition company (SPAC) in July.
The company will receive approximately $160 million in gross cash proceeds from the business combination and a concurrent private placement, according to a news release. The funds are earmarked for the company’s growth initiatives, including the commercial expansion of its Swoop FDA-cleared portable MRI system.
Swoop was designed to address the limitations of current imaging technologies by offering MRI for brain imaging any time, anywhere, through a console that wheels directly to a patient’s bedside, plugs into a standard electrical wall outlet and is controlled by an Apple iPad.
Hyperfine’s Class A common stock will begin trading on the Nasdaq global market on December 23, 2021, under the symbol “HYPR.”
“Our public market debut is an exciting and important milestone on our path to pushing the boundaries of imaging technology and improving patient access to timely, high-quality care in both the U.S. and international markets,” Hyperfine President & CEO Dave Scott said in the release. “Swoop’s technology and value proposition are clear, but we have only just begun executing on our commercial goals, and we are pleased by the positive response to Swoop from providers and patients here in the U.S. and around the world. We are confident that our commercial traction and more importantly, our impact, will continue ramping as we expand to even more new sites and geographies.”