Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has received a proposal to merge with NASDAQ-listed special purpose acquisition company Medicus Sciences Acquisition Corp. (MSAC).
MSAC currently has no commercial operations and was established as a blank cheque company for the purpose of, amongst other things, effecting a merger, share exchange or business combination with one or more businesses.
The proposed transaction is a business combination whereby all existing Anteris shareholders will receive shares in MSAC in exchange for their shares in Anteris, to be implemented via a court-approved scheme of arrangement.
The proposal contemplates an issuance of new equity by MSAC in exchange for the current shares in Anteris at an equivalent value and stipulates that post-transaction the merged entity would have a minimum of $US50 million in cash, plus the existing funds held by Anteris.
Board is considering the proposal
Anteris board is in the process of considering the confidential, non-binding proposal to negotiate a letter of intent.
There is no certainty at this time that Anteris will proceed with the proposal, or a binding offer from MSAC will be forthcoming.
Shareholders are not required to take any action in relation to the proposal at this time.
First-in-human DurAVR™ THV study
Last month, Anteris’ first-in-human DurAVR™ THV (transcatheter heart valve) study met or exceeded its interim study objectives, with patients reporting 'impressive' haemodynamic improvement.
Patients' functional status improved, as did their exercise performance, indicating early improvements in quality-of-life after receiving DurAVR™.
The promising results observed so far are a function of the proprietary 3D single-piece leaflet design of DurAVR™ that mimics a native aortic valve.
The company plans to continue the study with the next cohort, as well as recruit patients for its US Food and Drug Administration (FDA) investigational device exemption (IDE) study.