Wall St futures steady as Fed cut hopes remain firm; PCE inflation on tap
Investing.com -- SciSparc Ltd. (NASDAQ:SPRC) stock surged 26.8% in premarket trading Wednesday after the clinical-stage pharmaceutical company announced it signed a binding term sheet to acquire patents and intellectual property for innovative endoscopic systems, including the MUSE™ system, from Xylo Technologies Ltd.
The MUSE™ system is a single-use endoscopic device designed for transoral fundoplication, a minimally invasive procedure to treat gastroesophageal reflux disease (GERD). SciSparc plans to pursue global commercialization through exclusive partnerships with regional distributors, following Xylo’s successful model in Greater China that generated a $3 million upfront payment.
Under the agreement, SciSparc will acquire Xylo’s complete portfolio of patents, trademarks, know-how, and related intellectual property rights primarily associated with the MUSE™ system. In exchange, SciSparc will issue ordinary shares representing 19.99% of its outstanding share capital to Xylo upon closing, with the option to issue pre-funded warrants instead of shares.
The acquisition positions SciSparc to enter the growing GERD device market, which according to MarkNtel Advisors is valued at approximately $2.5 billion in 2024 and projected to reach $3.03 billion by 2030, growing at a CAGR of 3.24%.
SciSparc intends to replicate Xylo’s licensing and distribution model across North America, Europe, and Latin America to accelerate commercialization and develop new revenue streams.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.