SoFi stock falls after announcing $1.5B public offering of common stock
Investing.com -- SciSparc Ltd. (NASDAQ:SPRC) stock fell 15.6% on Monday after the company announced plans to acquire patents and intellectual property for endoscopic systems, including the MUSE™ system, from Xylo Technologies Ltd.
The clinical-stage pharmaceutical company, through its majority-owned subsidiary NeuroThera Labs Inc., signed a binding term sheet to acquire Xylo’s portfolio of patents, trademarks, and intellectual property rights for innovative endoscopic systems and medical cameras. The MUSE™ system is a single-use endoscopic device designed for transoral fundoplication, a minimally invasive procedure to treat gastroesophageal reflux disease (GERD).
Under the terms of the agreement, SciSparc will issue ordinary shares representing 19.99% of its outstanding share capital to Xylo upon closing of definitive agreements. The company may also elect to issue pre-funded warrants to purchase ordinary shares instead of some or all of the shares.
SciSparc aims to replicate Xylo’s previous success in Greater China, where a licensing and distribution agreement with a Shanghai-based medical instruments company generated a $3 million upfront payment in 2019. The company plans to pursue similar partnerships in North America, Europe, and Latin America.
According to market research by MarkNtel Advisors, the global GERD device market was valued at approximately $2.5 billion in 2024 and is projected to reach $3.03 billion by 2030, growing at a CAGR of 3.24% from 2025 to 2030.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.