SciSparc to acquire a treasury of patents for the endoscope market

SciSparc (SPRC)signed a definitive agreement to acquire a treasury of patents, trademarks and intellectual property rights for innovative endoscopic systems and medical cameras, including the MUSE system, from Xylo Technologies. The MUSE system is a single-use, innovative endoscopic device designed for transoral fundoplication, a minimally invasive procedure to treat gastroesophageal reflux disease, or GERD. SciSparc intends to commence commercialization of these patented technologies immediately following the transaction closing. Building on Xylo’s successful commercialization in Greater China through licensing and distribution agreement with a Shanghai-based medical instruments company in 2019, under which Xylo received $3M up front, SciSparc seeks to replicate this model across high-growth territories such as North America, Europe and Latin America. SciSparc will acquire the complete portfolio of patents, trademarks, know-how, and related intellectual property rights, mainly associated with the MUSE system, from Xylo. In consideration for the acquired assets, SciSparc will issue to Xylo an amount of ordinary shares of the company representing 19.99% of the issued and outstanding share capital of SciSparc.