SciSparc Acquires Patent Portfolio from Xylo Technologies
SciSparc signed a definitive agreement to acquire a treasury of patents, trademarks and intellectual property rights for innovative endoscopic systems and medical cameras, including the MUSE system, from Xylo Technologies. The MUSE system is a single-use, innovative endoscopic device designed for transoral fundoplication, a minimally invasive procedure to treat gastroesophageal reflux disease, or GERD. SciSparc intends to commence commercialization of these patented technologies immediately following the transaction closing. Building on Xylo's successful commercialization in Greater China through licensing and distribution agreement with a Shanghai-based medical instruments company in 2019, under which Xylo received $3M up front, SciSparc seeks to replicate this model across high-growth territories such as North America, Europe and Latin America. SciSparc will acquire the complete portfolio of patents, trademarks, know-how, and related intellectual property rights, mainly associated with the MUSE system, from Xylo. In consideration for the acquired assets, SciSparc will issue to Xylo an amount of ordinary shares of the company representing 19.99% of the issued and outstanding share capital of SciSparc.
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SciSparc Ltd. Acquires Endoscopy Patents, Shares Drop 12.07%
- Patent Acquisition: SciSparc announced its definitive agreement to acquire a portfolio of patents and trademarks related to endoscopic systems and medical cameras, which is expected to enhance its presence in the medical device sector and facilitate expansion into new markets.
- Commercialization Strategy: The company plans to begin commercializing the acquired technologies immediately upon closing the deal, aiming to accelerate market penetration by replicating existing successful distribution models, particularly in North America, Europe, and Latin America.
- Equity Issuance Terms: Under the agreement, SciSparc will issue ordinary shares representing approximately 19.99% of its outstanding stock to the seller at closing, with the potential to issue pre-funded warrants to optimize its capital structure as needed.
- Expected Closing Timeline: SciSparc anticipates closing the acquisition by March 8, 2026, contingent upon satisfying customary conditions, including regulatory approvals, which will provide a significant opportunity for the company to enter new medical segments.
