Indian Medtech startup, SS Innovation, on Thursday announced that it has merged with Avra Medical Robotics, a Nasdaq-listed company in the United States. Dr. Sudhir P Srivastava, Founder, Chairman, and CEO, SS Innovation, told Financial Express.com that the company has acquired a 95 percent stake in the US-based robotics company.
“With this merger, we are basically taking a controlling interest in a public company. The SSI Group, our US company will own 95 percent of Avra Medical Robotics and now we have become a public company…everything has been filed with SEC. This will allow us to raise a large amount of money through US-public partners…IP is injected on both sides, we are not transferring any money…there is no buying-selling price… it’s just we are looking for a public platform so that we can get listed very quickly,” Dr. Srivastava told Financial Express.com.
In July this year, Rajiv Gandhi Cancer Institute and Research Center (RGCI), New Delhi gets its first-ever Made-in-India Surgical Robotic System, SSI-Mantra which is developed by med-tech start-up SS Innovations. The Gurugram-based company claims that it is cheaper, more advanced, and more efficient than the US FDA-approved Da Vinci system which was approved for use in India in 2000. In 2002, India’s first robotic cardiac surgery was conducted with the Da Vinci system, and the first urological surgery in 2006.
“The outcome with Rajiv Gandhi Cancer Hospital has been wonderful…the number of patients requiring robotic procedure has enhanced since we commercially launched there…and there has been no robot-related complications or machine going crazy. Of course, there is a learning curve for the team and that is normal with any new system but now it has become a routine procedure now and every week there are now 3-4 cases…we are now also receiving order calls from other hospitals too,” Dr. Srivastava told Financial Express.com.
During the announcement today, Dr. Frederic Moll, Father of Robotic surgery and founder of the World’s first surgical robot, the Da Vinci surgical system was also presented.
“Extremely excited to be here to witness the progress and development of a new robotic system that I believe is a great step forward for the general distribution of healthcare in the field of medical surgery. This system will provide the most advanced technology to patients around the globe, East and West alike. This technology is an opportunity to significantly contribute to better healthcare and wellbeing of Asia and across her borders,” Dr. Moll said during the event.
Meanwhile, Dr. Srivastava informed that this acquisition will help the company in reaching the global market. The US-based Avra Medical Robotics is pushing the transition from assistive to semi-autonomous treatments in healthcare with an initial focus on aesthetics. Reportedly, the company is constantly working on semi-autonomous systems.
“Our innovation will be used widely. As we know that the future of Medtech lies in the precision of surgery and this acquisition will help us to bring this “Make in India” technology to the global platform. The union of Avra Medical Robotics with SSI will revolutionise the medical service all over the world hailing the spirit of Made in India, Atmanirbhar Bharat. The vision he had some 25 years back is now being manifested in full-fledged expression. We are all proud to be a part of this project. An Indian MedTech start-up will be there on NASDAQ, a proud moment for the nation,” he said.
Meanwhile, Bryan Knodel, a medical robotics scientist and Barry F Cohen, Founder, Chairman and CEO of Avra Medical Robotics Inc., USA were also present during the announcement today.