Avertix Medical (Avertix) has reached a definitive merger agreement with special purpose acquisition company BIOS Acquisition (BIOS).
The business combination deal values Avertix at an enterprise value of $195m and is aimed at transforming it into a publicly traded entity listed on Nasdaq. It comes with a $40m minimum cash condition.
The combined entity will be known as Avertix Medical.
Avertix, earlier known as Angel Medical Systems, is focused on the commercialisation of an implantable device designed for cardiovascular disease management.
Avertix president and CEO Tim Moran said: “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.
“We are thrilled to join forces with BIOS to accelerate the commercialisation, 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.”
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Established in 2001, Avertix’s Guardian System is claimed to be the first and only Class III implantable device cleared by the US Food and Drug Administration for the detection of heart attacks in real time.
By offering life-saving alerts to patients and healthcare professionals, the device helps address silent and atypical symptomatic heart attacks.
In the company’s ALERTS clinical study, the Guardian System demonstrated its ability to alert patients suffering from heart attack to seek urgent medical attention at an earlier stage compared to patients who relied solely on symptoms.
BIOS CEO Ross Haghighat said: “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.”
Subject to customary closing conditions, the deal is anticipated to complete in the second half of this year.