732.542.5551 ext. 199
FOR IMMEDIATE RELEASE
Angel Medical Systems, Inc. Secures $10 Million in Series A Financing
Supports Commercialization of the AngelMed Guardian® System
Eatontown, NJ, April 15, 2019 – Angel Medical Systems, Inc., a medical device company, today announced that it has completed a $10 million Series A round of financing. The Company plans to use the funds to bring its AngelMed Guardian® System to market later this year. The Guardian, an implantable cardiac monitor and patient alerting system for people who have had prior Acute Coronary Syndromes (ACS), including heart attacks, received approval by the U.S. Food and Drug Administration in 2018. The Guardian device fills an unmet medical need by providing more effective diagnosis of a life-threatening condition when compared to patient symptoms alone. The Guardian is the only product in the world that has been proven to prompt patients to seek medical attention for ACS events (including silent heart attacks) in the absence of symptoms.
“Securing $10 million in Series A financing is a critical milestone for AngelMed®. It is particularly gratifying to bring the Guardian System’s demonstrated benefits to people experiencing ACS events including heart attacks. These benefits include a first in man capability to warn patients to seek help for asymptomatic ACS events including silent heart attacks, reduced false positive ED visits, and improved quality of life. The release of the Guardian System by the 4th quarter of this year will literally change the current paradigm for recognizing and presenting for timely treatment of serious cardiac events – particularly for our patient population – which focuses on people with advanced cardiac disease who have survived a previous ACS event. This funding represents a new day to survivors of ACS events (including heart attacks) and the health systems that care for them.” said Dr. David R. Fischell, the Company’s Chief Executive Officer.
MCM Angel Partners, LLC out of New York, led the Series A investment round with participation from existing and new investors, including BioInfo Accelerator, Jasper Capital Ltd., and other individual investors. Funds from the round will be used by the Company to expand its sales and marketing, operations, and R&D staffing in order to support a 4th quarter release of the Guardian System.
About the AngelMed Guardian® System
The AngelMed Guardian® System received approval by the U.S. Food and Drug Administration (FDA) in April 2018. It is an implantable cardiac monitor with patient alerting for patients who have had prior Acute Coronary Syndromes (ACS), including myocardial infarctions (heart attacks) or unstable angina and who remain at high risk for recurrent ACS events. The Angel Med Guardian® System is an adjunct to patient recognized symptoms by detecting potential ongoing ACS events, characterized by sustained ST segment changes and alerting the patient to seek medical attention for those events. Approval of the Angel Med Guardian® System by the U.S. FDA was based on preclinical and clinical data, including data derived from the ALERTS Clinical Study that began in 2009. The Guardian device fills an unmet medical need by providing more effective diagnosis of a life-threatening condition when compared to patient symptoms alone.
About Angel Medical Systems, Inc.
Angel Medical Systems, Inc. was founded in 2001 by Drs. Robert, Tim and David Fischell, active serial entrepreneurs and inventors of medical devices. In 1999, the company filed its first of more than 50 issued US patents relating to detecting cardiac events and patient alerting, with the Company’s first human implant occurring in 2005.
Forward Looking Statements
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes or benefits are forward- looking statements. A number of risks and uncertainties, such as risks related to product development and commercialization efforts, results of clinical trials, ultimate clinical outcomes and benefit of the Company’s products to patients, market and physician acceptance of the Company’s products, intellectual property protection and competitive product offerings, could cause actual events to differ from the expectations indicated in these forward-looking statements. You are cautioned not to put any undue reliance on any forward-looking statement. This press release is neither an offer to sell nor a solicitation of an offer to purchase any particular securities. Any such offer or solicitation will be made only pursuant to definitive legal agreements prepared specifically for such purpose. An investment in the Company’s securities entails significant risks and is suitable only for sophisticated investors who can afford a loss of their entire investment; no assurance can be given that investment objectives will be achieved. In considering the performance information contained herein, you should bear in mind that past performance is not necessarily indicative of future results; there can be no assurance that the Company will achieve comparable results or that any projected returns will be met. The Company does not assume any obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events, or otherwise.
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