# EDGAR Filing Document

**Accession Number:** 0001826667
**File Stem:** 0000000000-23-001100
**Filing Date:** 2023-2
**Character Count:** 55686
**Document Hash:** 281aaef5d2fd8ede760f244b4d185ea4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001100.hdr.sgml**: 20230815

**ACCESSION NUMBER**: 0000000000-23-001100

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230202

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TriSalus Life Sciences, Inc.
- **CENTRAL INDEX KEY:** 0001826667
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **IRS NUMBER:** 853009869
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 6272 WEST 91ST AVENUE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80031
- **BUSINESS PHONE:** 415 336 8917

**MAIL ADDRESS:**
- **STREET 1:** 6272 WEST 91ST AVENUE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MedTech Acquisition Corp
- **DATE OF NAME CHANGE:** 20200930
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001410578-23-000007

## Text-Extract

```

United States securities and exchange commission logo

                               February 2, 2023

       Christopher Dewey
       Chief Executive Officer
       MedTech Acquisition Corp
       48 Maple Avenue
       Greenwich, CT 06830

                                                        Re: MedTech Acquisition
Corp
                                                            Registration
Statement on Form S-4
                                                            Filed January 6,
2023
                                                            File No. 333-269138

       Dear Christopher Dewey:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Form S-4 filed on January 6, 2023

       Q: What equity stake will current stockholders of MTAC and TriSalus
stockholders hold in the
       Combined Company after the closing?, page 10

   1.                                                   Please revise your
disclosure here and elsewhere throughout the prospectus, such as on
                                                        pages 27-28, to
disclose the Sponsor and its affiliates' total potential ownership interest in
                                                        the combined company,
assuming exercise and conversion of all securities, including the
                                                        private placement and
conversion warrants.
   2.                                                   Please revise your
disclosure in this section to show the potential impact of redemptions
                                                        on the per share value
of the shares owned by non-redeeming stockholders by including a
                                                        sensitivity analysis
showing a range of redemption scenarios, including minimum,
                                                        maximum and interim
redemption levels.
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 2 2, 2023 Page 2
FirstName LastName
3.       We note your disclosure that the maximum redemption scenario reflects
maximum
         redemptions of 1,149,694 shares of Class A Common Stock owned by MTAC
public
         stockholders. Please clarify what percentage of total outstanding
common stock held by
         MTAC public stockholders this maximum redemption scenario represents.
4.       We note your disclosure beginning on page 29 regarding additional
dilution that
         stockholders may experience following the closing of the business
combination. Please
         revise your disclosure here to disclose all possible sources and
extent of dilution that
         stockholders who elect not to redeem their shares may experience in
connection with the
         business combination. Provide disclosure of the impact of each
significant source of
         dilution, including the amount of equity held by founders, convertible
securities, including
         warrants retained by redeeming stockholders, at each of the redemption
levels detailed in
         your sensitivity analysis, which should include an interim redemptions
scenario, including
         any needed assumptions.
Questions and Answers about the Proposals
Q: Are there any arrangements to enable MTAC to obtain sufficient funds,
together with the
proceeds in its Trust Account..., page 10

5.       Please highlight material differences in the terms and price of
securities issued at the time
         of the IPO as compared to the Magnetar Convertible Notes, which are
contemplated to be
         issued at the time of the business combination, and the Combined
Company Common
         Stock that the Notes convert into.
6.       We note that you have arranged to sell additional securities to
Magnetar Capital LLC to
         raise funds to help satisfy the minimum cash required to complete the
business
         combination transaction after returning funds to redeeming
stockholders. Revise the
         disclosure to discuss the key terms of these convertible securities,
including the anti-
         dilution rights and exclusivity mentioned on page 10, and the
potential impact of those
         securities on non-redeeming stockholders.
Q: Do any of MTAC's directors or officers have interests that may conflict with
my interests
with respect to the Business Combination?, page 11

7.       We note your disclosure on page 145 that "MTAC   s independent
directors reviewed and
         considered these interests during the negotiation of the Business
Combination." Please
         clarify how the board considered these conflicts in negotiating and
recommending the
         business combination here as well as in your discussion of the
interests of certain persons
         in the business combination beginning on page 30.
Q: How do I exercise my redemption rights?, page 13

8.       We note your disclosure on page 261 that your Sponsor, officers and
directors have agreed
         to waive their redemption rights. Please revise your disclosure here
to discuss this waiver.
         Additionally, please describe any consideration provided in exchange
for this agreement.
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 3 2, 2023 Page 3
FirstName LastName
Summary of the Proxy Statement
Parties to the Business Combination, page 20

9.       Please disclose TriSalus    current state of operations and history of
net losses in this
         Summary section.
The Merger Agreement
Conditions to Closing, page 21

10.      We note your disclosure on page 130 that    [a]ny party to the Merger
Agreement may [   ]
         waive any of the terms or conditions of the Merger Agreement.
Please identify the
         closing conditions that are subject to waiver here and in your
disclosure beginning on
         page 128. Please also revise your risk factor on page 93, as
applicable, to address material
         risks that are subject to waiver.
Interests of Certain Persons in the Business Combination, page 30

11.      We note your disclosure that if the "founder shares were unrestricted
and freely tradeable,
         they would be valued at approximately $62.8 million, based on the
closing price of the
         Class A Common Stock on January 4, 3023" and that the Sponsor has
invested an
         aggregate of $7,425,000. Please expand your disclosure regarding the
Sponsor's
         ownership interest in the target company here and elsewhere throughout
the prospectus, as
         appropriate, to also disclose the approximate dollar value of the
interest based on the
         transaction value and to discuss the interest based on the transaction
value and recent
         trading prices as compared to the price paid.
Recommendations of the Board and Reasons for the Business Combination, page 33

12.      We note your disclosure here as well as on page 144 that the board did
not obtain a
         fairness opinion on which to base its assessment. Please revise your
disclosure to clarify
         the basis for the board determining it was not necessary to obtain a
fairness opinion for the
         business combination.
Risk Factors
Risks Related to TriSalus' Intellectual Property
TriSalus may be subject to claims challenging the inventorship or ownership of
its patents and
other intellectual property, page 80

13.      We note your statement on page 80 that "TriSalus has been subject to
claims that former
         employees, collaborators or other third parties have an ownership
interest in the patents
         and intellectual property that TriSalus is or that it may own or
license in the future." You
         describe one litigated case here as an example, please revise to
describe any other material
         claims.
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 4 2, 2023 Page 4
FirstName LastName
Internal Controls, page 87

14.      Please clarify your description of the 2021 material weakness.
Quantify the number of
         "trained resources" that perform the task(s) identified as a weakness
and the
         estimated number of additional resources needed to remedy the
weakness. Identify the
         steps you have taken to remediate the weakness. Explain to readers how
this weakness
         actually impacted, or could impact, your financial reporting.
Proposal 1 - the Business Combination Proposal
Background of the Business Combination, page 134

15.      Please revise the Background section to detail the negotiations
concerning key aspects of
         the business combination and related transactions, including, without
limitation, the scope
         and valuation of TriSalus' business, the merger consideration and the
structure of the
         transaction (including the negotiation and marketing processes for the
PIPE transaction).
         Each proposal (preliminary or otherwise) and counterproposal
concerning a material
         transaction term made between June 16 and November 11 should be
described and the
         proposing party identified. In this regard, we note that the
Background section as written
         discusses in general terms the topical areas discussed by the parties
during the five months
         of negotiations and some of the final terms they mutually agreed upon
but does so without
         any indication of how those terms evolved during the course of the
         discussions/negotiations.
16.      Please disclose whether the Sponsor and management and affiliates have
a track record
         with SPACs. If so, please provide balanced disclosure about this
record and the outcomes
         of prior transactions.
17.      In the event that the Sponsor has other SPACs in the process of
searching for a target
         company, please revise to disclose whether the Sponsor considered more
than one active
         SPAC to be the potential acquirer of TriSalus and how the final
decision was reached.
18.      Please clarify whether there were any discussions about continuing
employment or
         involvement for any persons affiliated with the SPAC before the merger
or any formal or
         informal commitment to retain the financial advisors after the merger.
19.      We note your disclosure on page 136 that you and Memic mutually agreed
to terminate
         your business combination agreement on March 10, 2022    due to the
challenging market
         conditions in the first quarter of 2022, along with the associated
volatility related to world
         events.    Please clarify why you chose not to resume discussions with
Memic later in
         2022, but decided instead to engage with other potential target
businesses.
20.      Please clarify whether any discussions took place with TriSalus about
the potential loss of
         clients in the near future or other events that may materially affect
its prospects or its
         financial projections for future performance of the business.
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 5 2, 2023 Page 5
FirstName LastName
21.      Please revise to clarify when in discussions with TriSalus you were
first provided its
         financial projections and the date the projections were prepared.
Please also disclose any
         discussions that took place relating to the assumptions underlying the
projections.
22.      We note your disclosure on page 138 that you also engaged
third-party consultants    to
         review certain aspects of TriSalus    business, including TriSalus
current reimbursement
         model. Please identify the consultants who were engaged to conduct
this review and
         disclose when they were retained. Please also revise to describe any
materials or
         information that these consultants shared with your board in
connection with this
         transaction, to the extent material.
23.      We note your disclosure on page 139 that from September through
November
         2022 potential investors met with MTAC, TriSalus and Raymond James to
discuss the
         possibility of making an investment in MTAC in connection with the
potential business
         combination. Please revise your disclosure to clarify whether there
were any valuation or
         other material information about the SPAC, TriSalus, or the de-SPAC
transaction
         provided to these potential investors that have not been disclosed
publicly. Please also
         state whether Magnetar has a preexisting relationship with the
Sponsor.
MTAC's Board's Reasons for the Approval of the Business Combination, page 141

24.      You state the companies shown on pages 146-147 are a    select group
of high growth
         publicly traded companies in the healthcare and medical device sector
that were identified
         by Raymond James.    Please revise to state whether any companies
meeting the selection
         criteria were excluded from the analyses and, if so, explain why.
Please also provide
         additional detail concerning the qualitative aspect of your analysis,
such as whether
         operating history or, with respect to therapeutics companies, clinical
stage, was
         considered, as well as how long these entities have had commercial
operations.
Projected Financial Information, page 147

25.      We note your assumption that 40% of an estimated total market size of
30,000 patients
         would be eligible TriNav candidates. Please revise your disclosure to
provide your basis
         for the estimates of patients that would be unachievable due to
anatomy and tortuosity
         with the current TriNav design, that would make use of office-based
labs and that would
         use the    super selective    approach combined with radio
segmentectomy.
26.      We note your assumed TriNav market shares of 12%, 22% and 37% in
FY2022, FY2023
         and FY2024, respectively. Please revise your disclosure to clearly
describe the basis for
         projecting this revenue growth, specifically, the basis for the
projected unit sales for
         each year in the forecast period and assumed TriNav total market
opportunity for each
         such year, and the factors or contingencies that would affect such
growth ultimately
         materializing. For example, please clarify whether these projections
assume any new
         market entrants during this period or take into account macroeconomic
factors.
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 6 2, 2023 Page 6
FirstName LastName
Certain Engagements in Connection with the Business Combination and Related
Transactions,
page 152

27.      We note your disclosure here as well as elsewhere, such as on page 32,
that Raymond
         James will receive compensation for its investment banking advisory
services as well as
         its role as sole placement agent with respect to the institutional
debt financing
         arrangement and that payment of these fees is contingent on the
closing of the business
         combination. Please quantify the aggregate fees payable to Raymond
James that are
         contingent on completion of the business combination.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
MTAC
Results of Operations, page 189

28.      Please disclose your results of operations for fiscal year ended
December 31, 2021 and
         2020. See the Instructions to Item 303(b) of Regulation S-K.
Our Platform Solution: Addressing the Limitations of Current Approaches in
Cancer
Immunotherapy, page 196

29.      Please revise your description of TriSalus' PEDD devices to state that
its TPT payments
         approval from CMS for its TriNav device expires at the end of this
year. Please also state
         here expressly whether its PRVI device is a commercial-stage device
that is actively sold.
30.      We note your statements that TriSalus' PEDD with standard of care
therapies achieved
         improved results as compared to standard endhole microcatheter
approaches as well as the
         statement in your graphic at the top of page 201, where you appear to
be comparing
         TriSalus' Synergy -001/KEYNOTE-184 Phase 1b/2 study to a single agent
pembro study
         in an academic journal. Please clarify whether TriSalus conducted
head-to-head trials for
         each of these comparisons.
31.      We note your disclosure regarding results from three clinical trials
of PEDD with SD-101.
         You state that initial data indicate that SD-101    efficiently
reduced MDSC    and has a
         "favorable emerging safety profile" when delivered by PEDD. We note
similar statements
         on page 200 where you refer to SD-101   s    tolerable safety profile
  and therapeutic
         activity that was    substantiated,    and your statement on page 201,
where you state that
         TriSalus' strategy is to "replicate the strong response that SD-101
demonstrated in Stage
         IV melanoma across a wide array of liver and pancreatic indications."
Conclusions
         regarding efficacy and safety are determinations that only the FDA or
a foreign
         government equivalent has the authority to make. Please revise your
disclosure throughout
         your document, including but not limited to the statements noted here,
to eliminate the
         implication that any TriSalus' product candidate has been or will
ultimately be determined
         safe and/or effective. Alternatively, we advise you that you may
present the objective data
         from pre-clinical and clinical trials without drawing a conclusion
from the results. For
         example, you may note that a candidate was well tolerated or the
number of trial
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 7 2, 2023 Page 7
FirstName LastName
         participants who met the identified trial endpoints.
Market Opportunity for TriNav Delivery Technology and Investigational
Therapeutic SD-101,
page 197

32.      We note that footnote three to the table on page 198 indicates that
the SD101/PEDD US
         patient population estimates were management estimates based on
TriSalus data and
         models and prepared by Lumanity. Please clarify what role Lumanity
played in preparing
         these estimates and when and by whom Lumanity was retained.
Additionally, please tell
         us whether you commissioned this data and, if so, file a consent for
the use of such data or
         advise. Refer to Securities Act Rule 436.
Competitive Strengths, page 200

33.      We note that TriSalus' TriNav device has support from    key opinion
leaders.    Please
         revise your disclosure to clarify who these key opinion leaders are
and to discuss their
         relation and significance to TriSalus' business.
34.      We note your statement that TriNav    has near-term expansion
opportunities by partnering
         or collaborating with companies advancing CPIs, CAR-T therapies and
other cell
         immunotherapies.    Please expand your disclosure here or elsewhere in
the business
         section to discuss any material near-term partnerships or
collaborations that TriSalus
         is pursuing.
35.      We note your statement on page 201:    Our targeting of orphan
indications and rare
         disease creates an opportunity for expedited development and the
potential for an
         accelerated path to approval and commercialization.    Please revise
to state here, and
         elsewhere as applicable, if true, that TriSalus currently does not
have orphan drug
         designation, fast track designation or priority review from the FDA or
other comparable
         regulators and may never obtain it. Additionally, we note your
statement on page 204 that
            in orphan and ultra-orphan indications, including many cancer
indications, there is a
         regulatory pathway for approval based on a single pivotal clinical
trial. Thus, diseases
         with unmet medical need may only require a single pivotal study    as
compared to the
         regulatory approval pathway for new medicines generally. Please revise
to clarify that the
         FDA can require more trials or reject trial data in both the orphan
drug and non-orphan
         drug context.
Clinical Development Plan, page 204

36.      Please revise page 206 to provide further information about TriSalus
 PERIO-03 trial such
         as, but not limited to, the number of participants anticipated to be
enrolled, the primary
         and secondary endpoints and any statistical analysis to be performed.
37.      We note your statement on page 205 that there were no serious cytokine
adverse events
         related to SD-101 and there were no severe immune-related events in
the procedure rooms
         or during follow-up. Please revise to state whether there were any
serious adverse events
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 8 2, 2023 Page 8
FirstName LastName
         related to SD-101 aside from the two types of events mentioned, and if
so, describe them.
38.      For each of TriSalus' material partnerships, such as the 5-year
Alliance Program with MD
         Anderson Cancer Center, the partnership with the University of
Colorado Anschutz
         Medical School and the agreement with Lifespan, please expand your
disclosure to
         discuss all material terms of these arrangements. Please also file
these agreements
         as exhibits to your registration statement. Alternatively, advise us
why such agreements
         are not material and required to be described and filed. See Item
601(b)(10) of Regulation
         S-K.
Clinical Development Approach, page 206

39.      Please revise your table to include columns for Phase 2 and Phase 3 in
addition to the two
         columns already shown. Additionally, please clarify in the table that
"IND-enabling" is a
         preclinical trial stage. Given the PERIO-01, PERIO-02 and PERIO-03
trials are not
         completed, please shorten the arrow for those studies in the pipeline
table.
Industry and Competition, page 214

40.      Please revise your table showing the comparison of TriNav to TriSalus'
direct competitors
         so that all the fonts are legible.
Intellectual Property, page 216

41.      Please revise to disclose for each material patent and patent
application the specific
         products to which such patents or patent applications relate, whether
the patents are
         owned or licensed, the type of patent protection, the expiration dates
and applicable
         material jurisdictions, including any foreign jurisdiction. Consider
disclosure
         in tabular format by patent family or otherwise in addition to the
narrative provided. We
         also note your disclosure in a risk factor on page 76 that certain of
TriSalus    patents
         relating to SD-101 will expire in 2023. Please revise here to disclose
what effect you
         expect the expiration of these patents to have on TriSalus' patent
portfolio and business
         and if there is an intent to mitigate such effect.
42.      We note your disclosure on page 240 regarding the Dynavax Asset
Purchase Agreement,
         please revise to describe the Agreement here and expand your
disclosure to ensure that
         you are disclosing all material terms, including the following:

                the nature and scope of any intellectual property transferred;
                each parties' rights and obligations;
                quantification of all up-front or execution payments received
or paid to date;
                aggregate amounts paid or received to date under the agreement;
                aggregate amounts of all potential development, regulatory and
              commercial milestone payments;
                quantification of the royalty rate, or a range no greater than
10 percentage points per
              tier;
 Christopher Dewey
FirstName LastNameChristopher Dewey
MedTech Acquisition Corp
Comapany2,NameMedTech
February    2023         Acquisition Corp
February
Page 9 2, 2023 Page 9
FirstName LastName
                disclosure of the duration of the agreement and when royalty
provisions expire; and
                disclosure of termination provisions.

         Additionally, please provide the same disclosure for and file any
other material license
         agreements as exhibits pursuant to Item 601(b)(10) of Regulation S-K,
or advise.
Facilities, page 227

43.      Please file TriSalus' leases as material contracts under Item
601(b)(10) of Regulation S-K,
         or, in the alternative, please tell us why you do not believe you are
required to do so.
Revenue Recognition, page 241

44.      Please disclose herein whether your variable consideration sales
reserve balance is
         material to either sales or to the asset from which it is deducted. If
material, then please
         disclose the activity in the reserve for each periods so that readers
can assess the accuracy
         of management's accounting estimates and assumptions. Also, please
tell us whether
         TriSalus has any customer that exceeded 10% of its total sales in any
period presented.
Description of MTAC's Securities, page 259

45.      Please revise to update your disclosures throughout this section. As
examples only:

                "Because our Existing Charter authorizes the issuance of up to
100,000,000 shares of
              Class A Common Stock, if we were to enter into an initial
business combination, we
              may (depending on the terms of such an initial business
combination) be required to
              increase the number of shares of Class A Common Stock   ."
                "If we seek stockholder approval of our initial business
combination and we do not
              conduct redemptions in connection with our initial business
combination pursuant to
              the tender offer rules, our Existing Charter provides   ."
                "If we submit our initial business combination to our public
stockholders for a vote,
              our Sponsor, officers and directors have agreed (and its
permitted transferees will
              agree) pursuant to the Letter Agreement to vote any founder
shares held by them and
              any public shares held by them in favor of our initial business
combination   ."
Experts, page 309

46.      We understand that during 2022 TriSalus hired Plante & Moran to audit
their 2020
         financial statements and also hired KPMG to audit their 2021 financial
statements. Please
         tell us whether Plante & Moran resigned or was dismissed and the date
thereof. Tell us
         also whether there were any disagreements or reportable events (as
defined in Item 304 of
         Regulation S-K) between TriSalus and Plante & Moran. In this regard,
please also explain
         to us how you considered the disclosure requirement outlined in Item
17(b)(6) of the Form
         Instructions.
 Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 10

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       You may contact Christie Wong at 202-551-3684 or Al Pavot at
202-551-3738 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Jessica Ansart at 202-551-4511 or Margaret Schwartz at 202-551-7153
with any other
questions.

                                                           Sincerely,

FirstName LastNameChristopher Dewey                        Division of
Corporation Finance
                                                           Office of Industrial
Applications and
Comapany NameMedTech Acquisition Corp
                                                           Services
February 2, 2023 Page 10
cc:       Kevin Shuler
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 2, 2023

Christopher Dewey
Chief Executive Officer
MedTech Acquisition Corp
48 Maple Avenue
Greenwich, CT 06830

**Re: MedTech Acquisition Corp**
**Registration Statement on Form S-4**
**Filed January 6, 2023**
**File No. 333-269138**

Dear Christopher Dewey:

We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Form S-4 filed on January 6, 2023

Q: What equity stake will current stockholders of MTAC and TriSalus stockholders hold in the Combined Company after the closing?, page 10

1. Please revise your disclosure here and elsewhere throughout the prospectus, such as on pages 27-28, to disclose the Sponsor and its affiliates' total potential ownership interest in the combined company, assuming exercise and conversion of all securities, including the private placement and conversion warrants.
2. Please revise your disclosure in this section to show the potential impact of redemptions on the per share value of the shares owned by non-redeeming stockholders by including a sensitivity analysis showing a range of redemption scenarios, including minimum, maximum and interim redemption levels.

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 2

3. We note your disclosure that the maximum redemption scenario reflects maximum redemptions of 1,149,694 shares of Class A Common Stock owned by MTAC public stockholders. Please clarify what percentage of total outstanding common stock held by MTAC public stockholders this maximum redemption scenario represents.

4. We note your disclosure beginning on page 29 regarding additional dilution that stockholders may experience following the closing of the business combination. Please revise your disclosure here to disclose all possible sources and extent of dilution that stockholders who elect not to redeem their shares may experience in connection with the business combination. Provide disclosure of the impact of each significant source of dilution, including the amount of equity held by founders, convertible securities, including warrants retained by redeeming stockholders, at each of the redemption levels detailed in your sensitivity analysis, which should include an interim redemptions scenario, including any needed assumptions.

Questions and Answers about the Proposals

Q: Are there any arrangements to enable MTAC to obtain sufficient funds, together with the proceeds in its Trust Account..., page 10

5. Please highlight material differences in the terms and price of securities issued at the time of the IPO as compared to the Magnetar Convertible Notes, which are contemplated to be issued at the time of the business combination, and the Combined Company Common Stock that the Notes convert into.

6. We note that you have arranged to sell additional securities to Magnetar Capital LLC to raise funds to help satisfy the minimum cash required to complete the business combination transaction after returning funds to redeeming stockholders. Revise the disclosure to discuss the key terms of these convertible securities, including the anti-dilution rights and exclusivity mentioned on page 10, and the potential impact of those securities on non-redeeming stockholders.

Q: Do any of MTAC's directors or officers have interests that may conflict with my interests with respect to the Business Combination?, page 11

7. We note your disclosure on page 145 that "MTAC's independent directors reviewed and considered these interests during the negotiation of the Business Combination." Please clarify how the board considered these conflicts in negotiating and recommending the business combination here as well as in your discussion of the interests of certain persons in the business combination beginning on page 30.

Q: How do I exercise my redemption rights?, page 13

8. We note your disclosure on page 261 that your Sponsor, officers and directors have agreed to waive their redemption rights. Please revise your disclosure here to discuss this waiver. Additionally, please describe any consideration provided in exchange for this agreement.

Christopher Dewey  
MedTech Acquisition Corp  
February 2, 2023  
Page 3

# Summary of the Proxy Statement  
Parties to the Business Combination, page 20

9. Please disclose TriSalus' current state of operations and history of net losses in this Summary section.

# The Merger Agreement  
Conditions to Closing, page 21

10. We note your disclosure on page 130 that '[a]ny party to the Merger Agreement may [...] waive any of the terms or conditions of the Merger Agreement.' Please identify the closing conditions that are subject to waiver here and in your disclosure beginning on page 128. Please also revise your risk factor on page 93, as applicable, to address material risks that are subject to waiver.

# Interests of Certain Persons in the Business Combination, page 30

11. We note your disclosure that if the 'founder shares were unrestricted and freely tradeable, they would be valued at approximately $62.8 million, based on the closing price of the Class A Common Stock on January 4, 2023' and that the Sponsor has invested an aggregate of $7,425,000. Please expand your disclosure regarding the Sponsor's ownership interest in the target company here and elsewhere throughout the prospectus, as appropriate, to also disclose the approximate dollar value of the interest based on the transaction value and to discuss the interest based on the transaction value and recent trading prices as compared to the price paid.

# Recommendations of the Board and Reasons for the Business Combination, page 33

12. We note your disclosure here as well as on page 144 that the board did not obtain a fairness opinion on which to base its assessment. Please revise your disclosure to clarify the basis for the board determining it was not necessary to obtain a fairness opinion for the business combination.

# Risk Factors

# Risks Related to TriSalus' Intellectual Property

# TriSalus may be subject to claims challenging the inventorship or ownership of its patents and other intellectual property, page 80

13. We note your statement on page 80 that 'TriSalus has been subject to claims that former employees, collaborators or other third parties have an ownership interest in the patents and intellectual property that TriSalus is or that it may own or license in the future.' You describe one litigated case here as an example, please revise to describe any other material claims.

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 4

Internal Controls, page 87

14. Please clarify your description of the 2021 material weakness. Quantify the number of "trained resources" that perform the task(s) identified as a weakness and the estimated number of additional resources needed to remedy the weakness. Identify the steps you have taken to remediate the weakness. Explain to readers how this weakness actually impacted, or could impact, your financial reporting.

Proposal 1 - the Business Combination Proposal

Background of the Business Combination, page 134

15. Please revise the Background section to detail the negotiations concerning key aspects of the business combination and related transactions, including, without limitation, the scope and valuation of TriSalus' business, the merger consideration and the structure of the transaction (including the negotiation and marketing processes for the PIPE transaction). Each proposal (preliminary or otherwise) and counterproposal concerning a material transaction term made between June 16 and November 11 should be described and the proposing party identified. In this regard, we note that the Background section as written discusses in general terms the topical areas discussed by the parties during the five months of negotiations and some of the final terms they mutually agreed upon but does so without any indication of how those terms evolved during the course of the discussions/negotiations.

16. Please disclose whether the Sponsor and management and affiliates have a track record with SPACs. If so, please provide balanced disclosure about this record and the outcomes of prior transactions.

17. In the event that the Sponsor has other SPACs in the process of searching for a target company, please revise to disclose whether the Sponsor considered more than one active SPAC to be the potential acquirer of TriSalus and how the final decision was reached.

18. Please clarify whether there were any discussions about continuing employment or involvement for any persons affiliated with the SPAC before the merger or any formal or informal commitment to retain the financial advisors after the merger.

19. We note your disclosure on page 136 that you and Memic mutually agreed to terminate your business combination agreement on March 10, 2022 "due to the challenging market conditions in the first quarter of 2022, along with the associated volatility related to world events." Please clarify why you chose not to resume discussions with Memic later in 2022, but decided instead to engage with other potential target businesses.

20. Please clarify whether any discussions took place with TriSalus about the potential loss of clients in the near future or other events that may materially affect its prospects or its financial projections for future performance of the business.

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 5

21. Please revise to clarify when in discussions with TriSalus you were first provided its financial projections and the date the projections were prepared. Please also disclose any discussions that took place relating to the assumptions underlying the projections.

22. We note your disclosure on page 138 that you also engaged “third-party consultants” to review certain aspects of TriSalus’ business, including TriSalus’ current reimbursement model. Please identify the consultants who were engaged to conduct this review and disclose when they were retained. Please also revise to describe any materials or information that these consultants shared with your board in connection with this transaction, to the extent material.

23. We note your disclosure on page 139 that from September through November 2022 potential investors met with MTAC, TriSalus and Raymond James to discuss the possibility of making an investment in MTAC in connection with the potential business combination. Please revise your disclosure to clarify whether there were any valuation or other material information about the SPAC, TriSalus, or the de-SPAC transaction provided to these potential investors that have not been disclosed publicly. Please also state whether Magnetar has a preexisting relationship with the Sponsor.

MTAC’s Board’s Reasons for the Approval of the Business Combination, page 141

24. You state the companies shown on pages 146-147 are a “select group of high growth publicly traded companies in the healthcare and medical device sector that were identified by Raymond James.” Please revise to state whether any companies meeting the selection criteria were excluded from the analyses and, if so, explain why. Please also provide additional detail concerning the qualitative aspect of your analysis, such as whether operating history or, with respect to therapeutics companies, clinical stage, was considered, as well as how long these entities have had commercial operations.

Projected Financial Information, page 147

25. We note your assumption that 40% of an estimated total market size of 30,000 patients would be eligible TriNav candidates. Please revise your disclosure to provide your basis for the estimates of patients that would be unachievable due to anatomy and tortuosity with the current TriNav design, that would make use of office-based labs and that would use the “super selective” approach combined with radio segmentectomy.

26. We note your assumed TriNav market shares of 12%, 22% and 37% in FY2022, FY2023 and FY2024, respectively. Please revise your disclosure to clearly describe the basis for projecting this revenue growth, specifically, the basis for the projected unit sales for each year in the forecast period and assumed TriNav total market opportunity for each such year, and the factors or contingencies that would affect such growth ultimately materializing. For example, please clarify whether these projections assume any new market entrants during this period or take into account macroeconomic factors.

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 6

# Certain Engagements in Connection with the Business Combination and Related Transactions, page 152

27. We note your disclosure here as well as elsewhere, such as on page 32, that Raymond James will receive compensation for its investment banking advisory services as well as its role as sole placement agent with respect to the institutional debt financing arrangement and that payment of these fees is contingent on the closing of the business combination. Please quantify the aggregate fees payable to Raymond James that are contingent on completion of the business combination.

# Management's Discussion and Analysis of Financial Condition and Results of Operations of MTAC

# Results of Operations, page 189

28. Please disclose your results of operations for fiscal year ended December 31, 2021 and 2020. See the Instructions to Item 303(b) of Regulation S-K.

# Our Platform Solution: Addressing the Limitations of Current Approaches in Cancer Immunotherapy, page 196

29. Please revise your description of TriSalus' PEDD devices to state that its TPT payments approval from CMS for its TriNav device expires at the end of this year. Please also state here expressly whether its PRVI device is a commercial-stage device that is actively sold.

30. We note your statements that TriSalus' PEDD with standard of care therapies achieved improved results as compared to standard endhole microcatheter approaches as well as the statement in your graphic at the top of page 201, where you appear to be comparing TriSalus' Synergy -001/KEYNOTE-184 Phase 1b/2 study to a single agent pembro study in an academic journal. Please clarify whether TriSalus conducted head-to-head trials for each of these comparisons.

31. We note your disclosure regarding results from three clinical trials of PEDD with SD-101. You state that initial data indicate that SD-101 "efficiently reduced MDSC" and has a "favorable emerging safety profile" when delivered by PEDD. We note similar statements on page 200 where you refer to SD-101's "tolerable safety profile" and therapeutic activity that was "substantiated," and your statement on page 201, where you state that TriSalus' strategy is to "replicate the strong response that SD-101 demonstrated in Stage IV melanoma across a wide array of liver and pancreatic indications." Conclusions regarding efficacy and safety are determinations that only the FDA or a foreign government equivalent has the authority to make. Please revise your disclosure throughout your document, including but not limited to the statements noted here, to eliminate the implication that any TriSalus' product candidate has been or will ultimately be determined safe and/or effective. Alternatively, we advise you that you may present the objective data from pre-clinical and clinical trials without drawing a conclusion from the results. For example, you may note that a candidate was well tolerated or the number of trial

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 7

participants who met the identified trial endpoints.

Market Opportunity for TriNav Delivery Technology and Investigational Therapeutic SD-101, page 197

32. We note that footnote three to the table on page 198 indicates that the SD101/PEDD US patient population estimates were management estimates based on TriSalus data and models and prepared by Lumanity. Please clarify what role Lumanity played in preparing these estimates and when and by whom Lumanity was retained. Additionally, please tell us whether you commissioned this data and, if so, file a consent for the use of such data or advise. Refer to Securities Act Rule 436.

Competitive Strengths, page 200

33. We note that TriSalus' TriNav device has support from "key opinion leaders." Please revise your disclosure to clarify who these key opinion leaders are and to discuss their relation and significance to TriSalus' business.
34. We note your statement that TriNav "has near-term expansion opportunities by partnering or collaborating with companies advancing CPIs, CAR-T therapies and other cell immunotherapies." Please expand your disclosure here or elsewhere in the business section to discuss any material near-term partnerships or collaborations that TriSalus is pursuing.
35. We note your statement on page 201: "Our targeting of orphan indications and rare disease creates an opportunity for expedited development and the potential for an accelerated path to approval and commercialization." Please revise to state here, and elsewhere as applicable, if true, that TriSalus currently does not have orphan drug designation, fast track designation or priority review from the FDA or other comparable regulators and may never obtain it. Additionally, we note your statement on page 204 that "in orphan and ultra-orphan indications, including many cancer indications, there is a regulatory pathway for approval based on a single pivotal clinical trial. Thus, diseases with unmet medical need may only require a single pivotal study" as compared to the regulatory approval pathway for new medicines generally. Please revise to clarify that the FDA can require more trials or reject trial data in both the orphan drug and non-orphan drug context.

Clinical Development Plan, page 204

36. Please revise page 206 to provide further information about TriSalus' PERIO-03 trial such as, but not limited to, the number of participants anticipated to be enrolled, the primary and secondary endpoints and any statistical analysis to be performed.
37. We note your statement on page 205 that there were no serious cytokine adverse events related to SD-101 and there were no severe immune-related events in the procedure rooms or during follow-up. Please revise to state whether there were any serious adverse events

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 8

related to SD-101 aside from the two types of events mentioned, and if so, describe them.

38. For each of TriSalus' material partnerships, such as the 5-year Alliance Program with MD Anderson Cancer Center, the partnership with the University of Colorado Anschutz Medical School and the agreement with Lifespan, please expand your disclosure to discuss all material terms of these arrangements. Please also file these agreements as exhibits to your registration statement. Alternatively, advise us why such agreements are not material and required to be described and filed. See Item 601(b)(10) of Regulation S-K.

Clinical Development Approach, page 206

39. Please revise your table to include columns for Phase 2 and Phase 3 in addition to the two columns already shown. Additionally, please clarify in the table that "IND-enabling" is a preclinical trial stage. Given the PERIO-01, PERIO-02 and PERIO-03 trials are not completed, please shorten the arrow for those studies in the pipeline table.

Industry and Competition, page 214

40. Please revise your table showing the comparison of TriNav to TriSalus' direct competitors so that all the fonts are legible.

Intellectual Property, page 216

41. Please revise to disclose for each material patent and patent application the specific products to which such patents or patent applications relate, whether the patents are owned or licensed, the type of patent protection, the expiration dates and applicable material jurisdictions, including any foreign jurisdiction. Consider disclosure in tabular format by patent family or otherwise in addition to the narrative provided. We also note your disclosure in a risk factor on page 76 that certain of TriSalus' patents relating to SD-101 will expire in 2023. Please revise here to disclose what effect you expect the expiration of these patents to have on TriSalus' patent portfolio and business and if there is an intent to mitigate such effect.

42. We note your disclosure on page 240 regarding the Dynavax Asset Purchase Agreement, please revise to describe the Agreement here and expand your disclosure to ensure that you are disclosing all material terms, including the following:

- the nature and scope of any intellectual property transferred;
- each parties' rights and obligations;
- quantification of all up-front or execution payments received or paid to date;
- aggregate amounts paid or received to date under the agreement;
- aggregate amounts of all potential development, regulatory and commercial milestone payments;
- quantification of the royalty rate, or a range no greater than 10 percentage points per tier;

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 9

- disclosure of the duration of the agreement and when royalty provisions expire; and
- disclosure of termination provisions.

Additionally, please provide the same disclosure for and file any other material license agreements as exhibits pursuant to Item 601(b)(10) of Regulation S-K, or advise.

Facilities, page 227

43. Please file TriSalus' leases as material contracts under Item 601(b)(10) of Regulation S-K, or, in the alternative, please tell us why you do not believe you are required to do so.

Revenue Recognition, page 241

44. Please disclose herein whether your variable consideration sales reserve balance is material to either sales or to the asset from which it is deducted. If material, then please disclose the activity in the reserve for each periods so that readers can assess the accuracy of management's accounting estimates and assumptions. Also, please tell us whether TriSalus has any customer that exceeded 10% of its total sales in any period presented.

Description of MTAC's Securities, page 259

45. Please revise to update your disclosures throughout this section. As examples only:
- "Because our Existing Charter authorizes the issuance of up to 100,000,000 shares of Class A Common Stock, if we were to enter into an initial business combination, we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class A Common Stock..."
- "If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our Existing Charter provides..."
- "If we submit our initial business combination to our public stockholders for a vote, our Sponsor, officers and directors have agreed (and its permitted transferees will agree) pursuant to the Letter Agreement to vote any founder shares held by them and any public shares held by them in favor of our initial business combination..."

Experts, page 309

46. We understand that during 2022 TriSalus hired Plante & Moran to audit their 2020 financial statements and also hired KPMG to audit their 2021 financial statements. Please tell us whether Plante & Moran resigned or was dismissed and the date thereof. Tell us also whether there were any disagreements or reportable events (as defined in Item 304 of Regulation S-K) between TriSalus and Plante & Moran. In this regard, please also explain to us how you considered the disclosure requirement outlined in Item 17(b)(6) of the Form Instructions.

Christopher Dewey
MedTech Acquisition Corp
February 2, 2023
Page 10

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

You may contact Christie Wong at 202-551-3684 or Al Pavot at 202-551-3738 if you have questions regarding comments on the financial statements and related matters. Please contact Jessica Ansart at 202-551-4511 or Margaret Schwartz at 202-551-7153 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Industrial Applications and
Services

cc: Kevin Shuler