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July 9, 2021

Guilford’s Hyperfine goes public in SPAC deal valued at $580M

Photo | Contributed Hyperfine's Swoop.

Portable MRI maker Hyperfine will go public via a SPAC deal and be listed on the Nasdaq, the company announced Thursday. 

Guilford-based Hyperfine and brain-monitoring firm Liminal Sciences were combined with HealthCor Catalio Acquisition Corp., a healthcare-focused SPAC. 

The combined companies are valued at $580 million and expected to have $375 million in cash after closing, according to a company statement.

Hyperfine is the third company founded by Jonathan Rothberg’s 4Catalyzer group to go public as part of a SPAC deal.

“The combination of Hyperfine, Liminal and HealthCor Catalio presents an inspiring opportunity to transform the global MR imaging and brain sensing paradigm,” said Hyperfine President and CEO Dave Scott. 

Drawn by the promise of its inexpensive, portable MRI system, Hyperfine investors pumped $90 million into an oversubscribed Series D round earlier this year.

Scott, a veteran executive in the medical device industry, was named head of Hyperfine in June. 

The SPAC deal was backed by an oversubscribed $126 million PIPE funding round. Investors included HealthCor Management LP, Catalio Capital Management, Perceptive Advisors, Avidity Partners, Eldridge, ARK Investment Management LLC, Deerfield Management and Bain Capital Public Equity, LP.

Hyperfine will be trading under the ticker symbol “HYPR.”

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