The Medicrea Group has announced that it is in active discussions with potential US strategic partners in the spine industry with the intention to execute one or more strategic agreements that could materialise through a takeover of the company, establishing partnerships or distribution agreements.
The company specialises in spinal surgery technology using artificial intelligence, predictive modelling and patient specific implants through its UNiD ASI (Adaptive Spine Intelligence) proprietary software platform, services and technologies.
In a press release, Medicrea said it has regularly been approached by US groups to share industry developments and review potential strategic partnerships around its UNiD ASI platform and the technological solutions developed by the company.
Medicrea said it had reviewed offers in 2019 from companies in the orthopaedic industry at levels “significantly above current trading prices” but had chosen not to pursue them.
Given the interest generated among these players, Medicrea said, it believes that it is now appropriate to maximise market access by using the sales and marketing resources of those major US groups.
The company has hired the American investment bank COWEN and Company, LLC to assist it in these steps and discussions.
Denys Sournac, founder and CEO of the Medicrea, said: “Under confidentiality agreements and in compliance with the applicable regulations on public information, the company states that it is currently providing interested parties with the necessary information to enable them to assess the strategic and financial terms and conditions that may lead them to formulate various proposals for cooperation.”
Medicrea states that these discussions are only preliminary at this stage and has yet to receive any firm and binding proposal. As a result, there is no certainty that the ongoing discussions will result in a transaction.
Having no specific indication as to the duration and the outcome of the discussions in progress, Medicrea said it intends to proceed with a fundraising to meet its financing needs for the 2020 financial year.