Hyperfine

History

2021: Access to the Nasdaq Exchange

On December 22, 2021, Hyperfine announced the completion of the merger with HealthCor Catalio Acquisition and the entry into the Nasdaq exchange. According to the press release, the company will receive about $160 million in gross cash receipts from the merger of companies and the simultaneous private offering of shares. These funds will be used to implement initiatives to develop the company, including the commercial expansion of the portable magnetic resonance imaging system Swoop, which has entered the market.

The Swoop system was designed to address the limitations of existing imaging technologies by offering magnetic resonance imaging (MRI) for imaging the brain at any time and anywhere, using a console that moves directly to the patient's bed, connects to a standard electrical outlet, and is controlled by AppleiPad. The system can control patients infected with coronavirus (COVID-19) who are known to be at risk for neurological disorders.

Manufacturer of portable MRI scanners controlled from iPad enters Nasdaq exchange

In August 2020, Swoop received approval from the U.S. Food and Drug Administration (FDA) for magnetic resonance imaging of the brain and head of patients of all ages. This happened after user feedback and technological improvements were taken into account in the original device, which received permission in February 2020. In January 2021, the FDA authorized Hyperfine's deep learning image analysis software, Advanced AI Applications. Image analysis software measures brain structure and pathology in images obtained by the Swoop MRI system. Additional resolution made it possible to make the system a bedside MRI platform supporting clinical decision-making to assess health and brain damage. The Swoop system weighing 630 kg, 140 cm high and 86 cm wide, uses a field strength of 0.064 Tesla and consumes 110 V of electricity. The magnet design and field strength reduce the risk of exposure to personnel, patients and their families. The device receives important images and produces the first scan results in just 30 minutes.

Our public market debut is an exciting and important milestone in our journey to broaden the boundaries of imaging technologies and improve patient access to timely and high-quality care in both American and international markets. Swoop's technology and value proposition are obvious, but we have just begun to realize our commercial goals, and we are pleased with the positive reaction to Swoop from service providers and patients in the United States and around the world. We are confident that our commercial activity and, more importantly, our influence, will grow as we expand into all new facilities and geographic regions, "said Hyperfine President and CEO Dave Scott.

Hyperfine Class A ordinary shares began trading on the Nasdaq exchange on December 23, 2021 under the symbol HYPR. ^[1]

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