SPAC NorthView Acquisition Corp. (NASDAQ:NVAC) has agreed to merge with digital medical device developer Profusa through a deal that pegs the equity value of the combined company at $416M, assuming no redemptions.
The combination will result in Profusa becoming a publicly traded entity. The deal requires shareholder approval of both companies.
The companies said in a statement if 80% of NorthView shareholders redeem their shares, the equity value of the combined company would be $264M. The merger should generate cash proceeds of $193M if no redemptions or $39M if 80% of NorthView shareholders redeem their shares.
Based in Emeryville, Calif., Profusa is developing biosensors that can be injected into tissue to monitor various biochemical levels. The company’s first product, the Lumee Oxygen Platform, has been approved in the EU for monitoring oxygen levels in tissue. A second product is in clinical development for the continuous monitoring of glucose levels.
NorthView went public in December 2021, raising around $190M.