Avertix Medical, known for its implantable heart attack detection devices, to go public with initial value of $195M
Avertix Medical, the New Jersey-based healthcare technology company previously known as Angel Medical Systems, is merging with New York-based BIOS Acquisition Corporation to form a new publicly traded company.
This transaction values the new company, which will still go by the name Avertix Medical, at approximately $195 million. Its common stock will be listed on the Nasdaq as AVRT. Tim Moran, Avertix Medical’s president and CEO, will lead the newly formed entity.
Avertix Medical is known primarily for the Guardian System, an implantable device approved by the U.S. Food and Drug Administration (FDA) to detect acute coronary syndrome (ACS) events such as myocardial infarctions. The company also owns dozens of other patents.
“With its ability to detect early signs of a heart attack and alert patients and healthcare providers, the Guardian System has the potential to transform the approach to cardiac care and improve patient quality of life and outcomes,” Moran said in a prepared statement. “We are thrilled to join forces with BIOS to accelerate the commercialization, adoption and continued development of the Guardian System. We look forward to leveraging BIOS’ expertise and resources to bring this critical technology to more patients worldwide.”
“Avertix is a company at the forefront of cardiovascular disease management,” added Ross Haghighat, CEO of BIOS. "We believe the combined company has the potential to not only improve patient outcomes but also save lives. Our shared mission is to transform the landscape of cardiovascular disease management, and we look forward to bringing this vision to fruition while generating significant value for our shareholders.”
The transaction has been approved by the boards of both Avertix Medical and BIOS. Its completion is subject to “customary closing conditions” and should be finalized in the second half of 2023.
Merger, plan to go public follow recent changes
Avertix Medical was known as Angel Medical Systems as recently as April 2023, when the company announced the name change as well as the additions of a Moran as CEO and Philip Tom as chief financial officer.
“The new name, Avertix, was chosen as it elicits the concept of averting serious cardiac complications and better represents the company’s commitment to empowering patients who have had prior ACS events,” the company explained at the time in a statement.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.