Hyperfine Partners With Madonna's Charitable Organization, Raising Malawi, to Increase Access to High Quality Healthcare for Children

GUILFORD, Conn., Dec. 7, 2021 /PRNewswire/ -- Hyperfine Inc., creator of the first FDA-cleared portable magnetic resonance imaging (MRI) device™, Swoop^®, today announced a partnership with Raising Malawi, which built and co-operates Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). Raising Malawi and Hyperfine are partnering to highlight the important research made possible at MJC with Hyperfine's breakthrough portable MRI system—a partnership model that can be replicated to support medical research and improve patient care in other low-resource or developing world settings.

According to the World Health Organization, 90% of the world's population does not have access to an MRI machine. In Malawi, the need is particularly acute as Hyperfine's Swoop^® device is 1 of just 2 working MRIs in the entire country of 19 million people. Swoop is poised to play an important role in addressing this inequity by improving access to medical imaging for millions of patients, particularly those in developing countries.

"Our mission is to better serve the children of Malawi, who deserve high quality healthcare and the latest medical technology, regardless of income or location," said Madonna. "We are proud that Mercy James Centre patients are among the first in the world to benefit from Hyperfine's cutting-edge MRI technology. With the generous support of Dr. Rothberg, Raising Malawi and Hyperfine are enabling research to lead to medical breakthroughs and ultimately, new life-saving treatments for children in Malawi and beyond."

Half of Malawians are under the age of 15 and malaria remains a leading cause of death among children under the age of 5. Through a research partnership with the Mercy James Centre, Michigan State University procured a Hyperfine Swoop^® portable MRI system™ to facilitate critical research on cerebral malaria—the most severe form of the disease—in order to develop new treatments and improve patient care. The research, supported by the U.S. National Institutes of Health, had previously been stalled for over a year when the traditional MRI system broke down. Since it was delivered and quickly put into use, the Swoop system has been used by clinicians and researchers to scan more than 200 children, serving an important role in this research as well as pediatric patient diagnoses and treatment.

In addition, Hyperfine's founder, Dr. Jonathan Rothberg will personally donate $2 million to the organization which will support the hospital's operations and build staff capacity in order to further expand use of the Hyperfine system and other innovative medical devices at the hospital.

"The mission of Hyperfine and other 4Catalyzer companies is to transform medicine through smart devices. It's an honor to partner with Madonna and Raising Malawi with the joint goal of democratizing access to high quality healthcare for the children of Malawi," said Dr. Rothberg. "We are proud to see the impact Swoop has been able to make in such a short amount of time. I look forward to continuing to explore how Hyperfine technologies can be deployed to benefit children in Malawi and other communities in need around the world."

For more information about Hyperfine, please visit https://www.hyperfine.io. To find out how to support Raising Malawi and the Mercy James Centre for Paediatric Surgery & Intensive Care, please visit https://www.raisingmalawi.org/.

About Hyperfine and the Swoop^® Portable MRI System™

Hyperfine, Inc. is the groundbreaking medical device company that created Swoop^®, the world's first FDA-cleared portable MRI system™. Swoop was designed to enable rapid diagnoses and treatment for every patient regardless of income, resources, or location, pushing the boundaries of conventional imaging technology and expanding patient access to life-saving care. The Swoop^® Portable MR Imaging System™ produces high-quality images at a lower magnetic field strength, allowing clinicians to quickly scan, diagnose and treat patients in a variety of clinical settings. Swoop can be wheeled directly to the patient's bedside, plugs into a standard electrical wall outlet, and is controlled by an iPad^®. Designed as a complementary system to conventional MRIs at a fraction of the cost, Swoop captures images in minutes, providing critical decision-making capabilities in emergency departments (ED), operating rooms (OR) and intensive care units (ICU), among others. 

Hyperfine was founded in 2014 by Dr. Jonathan Rothberg, a serial entrepreneur who received the Presidential Medal of Technology and Innovation in 2016 for inventing Next Generation DNA sequencing and has founded multiple healthcare and technology companies, including 454 Life Sciences, Ion Torrent, CuraGen, Butterfly Network, and Quantum-Si.

About Raising Malawi

Madonna founded Raising Malawi in 2006 to address the poverty and hardship endured by Malawi's orphans and vulnerable children. Raising Malawi partners with local organizations to provide Malawian children and their caregivers with critical resources including education and medical care. Built by Raising Malawi and opened in 2017, the Mercy James Centre for Paediatric Surgery & Intensive Care includes Malawi's first paediatric intensive care unit, three operating theatres dedicated to surgery in children, a day clinic, and a 50-bed ward.

Important Information about the Business Combination and Where to Find It

In connection with the proposed business combination (the "Business Combination") between HealthCor Catalio Acquisition Corp. ("HealthCor"), Hyperfine, Inc. ("Hyperfine") and Liminal Sciences, Inc. ("Liminal"), HealthCor filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (as amended, the "Registration Statement"), which includes the proxy statement/prospectus and certain other related documents and is both the proxy statement distributed to holders of HealthCor's ordinary shares in connection with HealthCor's solicitation of proxies for the vote by HealthCor's shareholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities of HealthCor to be issued in the Business Combination. The Registration Statement was declared effective by the SEC on November 26, 2021, and HealthCor commenced mailing the proxy statement/prospectus to its shareholders on or about November 30, 2021. HealthCor's shareholders and other interested persons are advised to read the proxy statement/prospectus included in the Registration Statement and the amendments thereto, as well as other documents filed with the SEC in connection with the Business Combination, as these materials contain important information about the parties to the Business Combination Agreement and the Business Combination. Shareholders may also obtain copies of the proxy statement/prospectus and other documents filed with the SEC, without charge, at the SEC's website at www.sec.gov. In addition, the documents filed by HealthCor may be obtained free of charge from HealthCor's website at www.hcspac.com or by written request to HealthCor at [email protected].

Participants in the Solicitation

HealthCor and its directors and executive officers may be deemed participants in the solicitation of proxies from HealthCor's shareholders with respect to the Business Combination. You can find information about HealthCor's directors and executive officers and their ownership of HealthCor's securities in the Registration Statement for the Business Combination, which is available free of charge at the SEC's website at www.sec.gov. Additional information regarding the interests of such participants is contained in the Registration Statement.

Hyperfine, Liminal and their respective directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of HealthCor in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination is contained in the Registration Statement.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. HealthCor's, Hyperfine's and Liminal's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Hyperfine's expectations with respect to future performance, development and commercialization of products and services; expectations with respect to research that Raising Malawi and Hyperine are enabling; the expectation that the partnership model of Raising Malawi and Hyperfine can be replicated to support medical research and improve patient care in other low-resource or developing world settings; and the potential benefits and impact of Hyperfine's and the combined company's products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside HealthCor's, Hyperfine's and Liminal's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the ability of HealthCor, Hyperfine and Liminal to meet the closing conditions in the Business Combination Agreement, including due to failure to obtain approval of the shareholders of HealthCor, Hyperfine and Liminal or certain regulatory approvals, or failure to satisfy other conditions to closing in the Business Combination Agreement; (2) the occurrence of any event, change or other circumstances, including the outcome of any legal proceedings that may be instituted against HealthCor, Hyperfine or Liminal that could give rise to the termination of the Business Combination Agreement or could otherwise cause the transactions contemplated therein to fail to close; (3) the inability to obtain or maintain the listing of the combined company's Class A common stock on the Nasdaq Stock Market, as applicable, following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (5) the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (6) costs related to the Business Combination; (7) changes in applicable laws or regulations; (8) the inability of the combined company to raise financing in the future; (9) the success, cost and timing of Hyperfine's, Liminal's and the combined company's product development and commercialization activities, including the degree that Swoop is accepted and used by healthcare professionals; (10) the inability of Hyperfine, Liminal or the combined company to obtain and maintain regulatory clearance or approval for their products, and any related restrictions and limitations of any cleared or approved product; (11) the inability of Hyperfine, Liminal or the combined company to identify, in-license or acquire additional technology; (12) the inability of Hyperfine, Liminal or the combined company to maintain Hyperfine's or Liminal's existing or future license, manufacturing, supply and distribution agreements; (13) the inability of Hyperfine, Liminal or the combined company to compete with other companies currently marketing or engaged in the development of products and services that Hyperfine or Liminal is currently marketing or developing; (14) the size and growth potential of the markets for Hyperfine's, Liminal's and the combined company's products and services, and each of their ability to serve those markets, either alone or in partnership with others; (15) the pricing of Hyperfine's, Liminal's and the combined company's products and services and reimbursement for medical procedures conducted using Hyperfine's, Liminal's and the combined company's products and services; (16) Hyperfine's, Liminal's and the combined company's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; (17) Hyperfine's, Liminal's and the combined company's financial performance; (18) the impact of COVID-19 on Hyperfine's and Liminal's businesses and/or the ability of the parties to complete the Business Combination; and (19) other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the Business Combination, including those under "Risk Factors" in the Registration Statement, and in HealthCor's other filings with the SEC. HealthCor, Hyperfine and Liminal caution that the foregoing list of factors is not exclusive, and they caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. HealthCor, Hyperfine and Liminal do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Media Contact
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SOURCE Hyperfine Inc.