New Investment Opportunity: Momentis Surgical (formally Memic)
Robotic surgery with a human touch
- Miniaturized humanoid robotic arms replicate surgeons' motions: superhuman flexibility, 360˚ articulation
- Only FDA-authorized robot for transvaginal surgery; 125 patents, 262 more applications
- 2022 sales include 5 of Florida's largest hospitals, international healthcare corporation
- US gynecological robotics market estimated at $1.6B; additional $4.5B for general surgery; $10B market for next-generation device
- Chairman Maurice R. Ferré, MD, founded surgical robotics company Mako, $1.65B exit; Chief Commercial Officer has deep industry experience selling surgical robotic systems
- Up to $40M Series E round led by Ceros
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Dear Josb,
Surgical robots entered hospital operating rooms in the mid-1990s to assist surgeons with minimally invasive procedures. However, their use has been constrained by size, cost, and the challenge of manipulating the rigid straight arms inside many areas of the body.
OurCrowd is investing in Momentis Surgical (previously Memic), whose game-changing surgical robot has humanoid-shaped arms able to mimic the precise movements of a surgeon – at a lower cost and a smaller footprint than similar technologies currently available in the market. The details in this email are based on information received from, and verified solely by, the company.
The Problem
Robotic surgery systems are highly expensive and bulky, with surgical instruments that are limited to traditional straight shaft and wrist designs. In most cases, the instruments are inserted into the patient's body through multiple incisions and are operated by large, complex, and expensive equipment which surrounds and limits access to the patient and requires the use of large and dedicated operating rooms.
The Solution
The Anovo Surgical System (previously, Hominis Surgical System) is the first FDA-authorized surgical robot that features miniature humanoid-shaped arms developed to mimic the natural movement of a surgeon, with shoulder, elbow and wrist joints, providing human-level dexterity and 360° of articulation. Anovo's small, compact, and mobile design occupies a minimal footprint at a significant cost advantage relative to other commercially available robotic technologies such as the Da Vinci system by Intuitive. The company is also developing a second generation three-arm system with a camera for use across a broader range of surgical procedures.
The IP
Momentis has 125 granted utility patents, including 107 individual patents validated in European countries, 19 US patents, and others in Israel, Turkey, China, and Japan. The company has 262 patent applications.
The Traction
The company expects to have an installed base of about 15 robotic systems in 2022 with revenue of $450K per unit. Seven systems were sold to date to major hospital networks in the United States, including HCA Healthcare which owns and operates close to 200 hospitals and 2,000 sites of care, including surgery centers, in the US among them Jackson Memorial, the largest hospital in South Florida, the UK and AdventHealth, which owns and operates the third-largest hospital in Florida and specialized in robotic innovations.
Among the luminary surgeons now using Anovo is Ricardo Estape, MD, Director for Gynecologic Oncology at HCA Healthcare in Miami. Dr. Estape is one of the highest volume gynecologic oncology surgeons in the US and has performed more than 7,000 robotic procedures. The system is also used by Dr. Erica Stockwell a noted expert in advanced gynecologic surgery with Dr. Steven McCarus, MD, Chief of Gynecological Surgery at AdventHealth.
The Market
The total addressable market (TAM) for gynecological surgical procedures is estimated at an annual $1.6B in the US. General surgery adds another $4.5B per year. Additionally, the platform's technology can be leveraged to expand globally and add additional indications including colorectal, thoracic, and other transluminal surgeries, representing a global TAM of at least $10B per year.
The Team
CEO Dvir Cohen led Momentis from its inception as Memic and brings more than 15 years of experience in innovative robotic systems. Prior to joining Momentis Surgical, he served in the Israeli Ministry of Defense, specializing in robotic systems. Chad Zaring, Momentis' Chief Commercial Officer, has 20 years of industry experience driving commercial results at innovative robotic surgery companies including Intuitive Surgical and Mazor Robotics.
SPAC Withdrawal
In March 2022, Momentis announced that it would not be proceeding with a planned reverse merger with MedTech Acquisition Corporation, a special purpose acquisition company (SPAC), due to adverse conditions in financial markets and associated volatility.
The Round
This up to $40M Series E round is led by Ceros. The proceeds will be used for commercialization, marketing, product development, R&D and clinical research, and to develop information technology and facility infrastructure.
Meet the CEO
We're hosting a webinar/conference call on Wednesday, October 19th, at 6PM Israel / 11AM New York / 8AM San Francisco for investors to meet CEO Dvir Cohen and learn more about Momentis Surgical.
The Momentis Surgical Solution
The Anovo Surgical System (previously Hominis Surgical System) is the first and only FDA-authorized surgical robot that features miniature humanoid-shaped arms developed to mimic the natural movement of a surgeon's arms, with shoulder, elbow and wrist joints, providing human level dexterity and 360° of articulation. Anovo's small, compact, and mobile design occupies a minimal footprint at a significant cost advantage relative to other commercially available robotic technologies. The company is also developing a second generation three-arm system with a camera for use across a broader range of surgical procedures.
The Anovo Surgical System was developed to have the ability to rotate and retroflex with an electrosurgical end effector and can be placed and maneuvered on a laparoscopic operating table for ease of use. The system has modularity, or the capacity to operate from vaginal, umbilical, oral, and rectal single port insertions which enables surgeons to reach tortuous areas that cannot be accessed with traditional techniques. The company believes that Anovo's ability to reach less accessible anatomical regions using the system's flexible robotic arms makes the system ideal for transvaginal hysterectomies which have significant clinical and aesthetic benefits over abdominal and traditional laparoscopic hysterectomies.
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