Avertix Medical, Inc., formerly known as Angel Medical Systems, Inc., and BIOS Acquisition Corporation have mutually agreed to terminate their proposed business combination. The decision was reached due to current market conditions not being conducive to completing the transaction on mutually acceptable terms.
Avertix, a company focused on improving the long-term management and outcomes of high-risk coronary disease patients who have survived one or more heart attacks, will continue its mission to empower healthcare providers with Guardian, the world’s first and only heart attack warning system approved by the FDA. The company will also monitor financial markets for opportunities to access additional capital to support its growth.
Ross Haghighat, Executive Chairman of Avertix and CEO of BIOS, expressed confidence in Avertix’s potential to make a profound impact on the future of cardiac care and reiterated his commitment to driving the company’s growth and vision.
Both companies thanked their respective teams and advisors for their dedication throughout the merger process.
Avertix offers an FDA-approved Class III implantable device capable of detecting silent and atypical symptomatic heart attacks in real-time. The company is dedicated to advancing cardiovascular care and improving patient outcomes.
BIOS Acquisition Corporation was established to pursue mergers, acquisitions, and business combinations in the healthcare industry across regions like the U.S., EU, Israel, and Australasia. The company’s leadership and board include industry leaders with significant experience in various aspects of healthcare business development, financing, audit, and advisory roles.