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SciSparc Ltd. (NASDAQ:SPRC) plunged 15.6% on Monday after announcing that it intends to purchase a portfolio of patents and intellectual property related to several endoscopic technologies — including the MUSE™ system — from Xylo Technologies Ltd.
The clinical-stage pharmaceutical company, acting through its majority-owned subsidiary NeuroThera Labs Inc., has entered into a binding term sheet to acquire Xylo’s patents, trademarks, and other IP covering advanced endoscopic platforms and medical imaging devices. Among them is the MUSE™ system, a disposable endoscopic device used to perform transoral fundoplication, a minimally invasive procedure for patients with gastroesophageal reflux disease (GERD).
As part of the agreement, SciSparc will issue ordinary shares equal to 19.99% of its current outstanding share count to Xylo once final agreements have been executed. The company also has the option to replace some or all of these shares with pre-funded warrants.
SciSparc hopes to emulate Xylo’s earlier commercial success in Greater China, where a licensing and distribution deal with a Shanghai-based medical device firm resulted in a $3 million upfront payment in 2019. The company intends to target similar commercial partnerships across North America, Europe, and Latin America.
Industry projections underscore the growth potential: market research from MarkNtel Advisors estimates the global GERD device sector was worth about $2.5 billion in 2024 and is on track to rise to $3.03 billion by 2030, reflecting a 3.24% CAGR from 2025 through 2030.
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