Hyperfine Inc., the groundbreaking medical device company that created Swoop®, the world’s first FDA-cleared portable MRI system™, today announced that it has completed its business combination with HealthCor Catalio Acquisition Corp. (Nasdaq: HCAQ) (“HealthCor”), a special purpose acquisition company sponsored by leading healthcare funds HealthCor Management, L.P. and Catalio Capital Management, LP, and Liminal Sciences, Inc. (“Liminal”), a medical device development company dedicated to non-invasive measurement of key vital signs in the brain. Hyperfine will receive approximately $160 million in gross cash proceeds from the business combination and a concurrent private placement and will use the funds to catalyze the company’s growth initiatives, including commercial expansion of the Swoop® system.
Hyperfine’s Class A common stock will begin trading on the Nasdaq Global Market (“Nasdaq”) on December 23, 2021 under the symbol “HYPR”.
Hyperfine’s Swoop Portable MR Imaging System is designed to address the limitations of current imaging technologies and make MRI for brain imaging accessible anytime, anywhere, to any patient. Swoop wheels directly to the patient’s bedside, plugs into a standard electrical wall outlet, and is controlled by an Apple iPad®. Designed as a complementary system to traditional MRIs at a fraction of the cost, images of the internal structure of the head are captured in minutes, enabling critical decision-making capabilities across a variety of clinical settings.
“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,” said Dave Scott, president and CEO of Hyperfine. “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.”
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“The best way to predict the future is to make it,” said Jonathan M. Rothberg, PhD, Founder of Hyperfine. “Hyperfine is delivering the future of digital surgery and transforming the care continuum through accessible and intelligent imaging with the first FDA-cleared portable MRI system. Hyperfine’s technology gives healthcare professionals better insight to improve clinical care from the ambulance to the hospital and ultimately to the home. Complementing our core U.S. commercialization ramp, our team is particularly motivated by our opportunity to bring this transformational technology to emerging markets where medical imaging is scarce and to bring equity to healthcare for people around the world.”
“HealthCor Catalio Acquisition Corp. was founded to fund a company with the ability to drive strong growth while meaningfully and positively transforming the healthcare landscape, and Hyperfine delivers on that ability,” said Art Cohen, chief executive officer and co-founder of HealthCor Catalio and co-founder and portfolio manager of HealthCor Management, L.P. “We see transformative potential in the Swoop portable MRI technology, a tremendous opportunity in brain sensing with Liminal, and a robust long-term pipeline underpinning a very bright future of Hyperfine as a public company.”
Hyperfine will continue to be led by Dave Scott as president and chief executive officer, alongside his highly experienced executive team. Hyperfine’s board of directors will include:
- John Dahldorf, Chief Financial Officer of Santa Cruz Nutritionals. He was previously Chief Financial Officer of Acutus Medical, an arrhythmia care company that develops distinct, innovative technologies to provide physicians and patients with improved results. He has more than 20 years of experience leading financing and accounting in the health and medical device spaces.
- Ruth Fattori, Senior Advisor at Boston Consulting Group. She brings more than 15 years of leadership experience in executive and human resource management for a variety of industries and Fortune 500 companies. Ms. Fattori serves on the board of directors of Quantum-Si, which created the world’s first next-generation protein sequencing platform.
- Scott Huennekens, Executive Chairman of the Board of Hyperfine. He has played a key role in more than 20 medtech start-up, growth, and public companies with market valuations totaling over $20 billion, that cumulatively have delivered therapeutics and diagnostics to more than 20 million patients. Mr. Huennekens has been named Ernst & Young Entrepreneur of the Year in 2010 and was recognized by Goldman Sachs in 2016, 2017, and 2018 as one of their 100 Most Intriguing Entrepreneurs.
- Jonathan M. Rothberg, PhD, Founder of Hyperfine. He is a serial entrepreneur with more than 20 years of experience who founded and invented massively parallel DNA sequencing, semiconductor sequencing, and ultrasound-on-a-chip (Butterfly Network). In 2016, he was awarded the National Medal of Technology and Innovation for his “pioneering inventions and commercialization of next-generation DNA sequencing technologies, making access to genomic information easier, faster, and more cost-effective for researchers around the world.”
- Maria Sainz, Former President and CEO of AEGEA Medical Inc., a women’s health technology company acquired by CooperSurgical in 2021. She serves as a member of the Board of Directors of ShockWave Medical, Inc., Avanos Medical, Inc., and Atrion Corporation. Ms. Sainz brings more than 20 years of experience leading large medical device companies and medtech start-ups.
- Dave Scott, CEO of Hyperfine. He has 25 years of experience building and leading teams at start-ups and Fortune 500 companies working in digital surgery, the digital health ecosystem, surgical robotics, medical imaging, and diagnostics. He has been awarded numerous patents in x-ray imaging, medical endoscopy, and laser surgery applications.
- Daniel J. Wolterman, CEO of Wolterman Consulting, LLC. He has more than 30 years of experience in the healthcare industry, holding various leadership roles, including serving as President and CEO of Memorial Hermann Health System, the largest not-for-profit health system in the Houston region of Texas. He currently serves on the board of directors of NuVasive, a Nasdaq-listed company focused on developing medical devices and procedures for minimally invasive spine surgery.
Advisors
J.P. Morgan acted as exclusive financial advisor to Hyperfine and Liminal. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal advisor to Hyperfine and Liminal.
Jefferies LLC acted as financial advisor to HealthCor. Jefferies LLC and Evercore Group L.L.C. acted as capital markets advisors and co-lead placement agents to HealthCor Catalio Acquisition Corp. in connection with the private placement. Wells Fargo Securities also acted as capital markets advisor and placement agent to HealthCor in connection with the private placement. Kirkland & Ellis LLP served as legal advisors to HealthCor and Paul Hastings LLP served as legal advisors to the private placement agents.
