SciSparc (NASDAQ:SPRC), a company traditionally focused on cannabinoid-based pharmaceuticals, has officially pivoted into the medical device sector.
The company announced Monday the closing of its acquisition of an extensive intellectual property portfolio from Xylo Technologies, centered on the MUSE™ (Medigus Ultrasonic Surgical Endostapler) system.
The MUSE system is a single-use, minimally invasive device designed for transoral fundoplication—a procedure that treats gastroesophageal reflux disease (GERD) by reinforcing the esophageal valve without external incisions.
The acquisition includes all associated patents, trademarks, and technical know-how.
In exchange for the assets, SciSparc issued ordinary shares representing 19.99% of its outstanding share capital to Xylo, with some consideration provided via pre-funded warrants.
This non-cash structure allows the micro-cap biotech to preserve liquidity as it shifts toward immediate commercialization.
SciSparc intends to capitalize on a proven commercial model.
Xylo previously successfully licensed the technology in Greater China in 2019, securing a $3 million upfront payment.
SciSparc now aims to replicate this success by seeking exclusive regional distribution partnerships across North America, Europe, and Latin America.