Avertix Medical Plans to Go Public Via Bios Acquisition SPAC

Avertix Medical Inc., which makes an implantable device designed to detect heart attacks, plans to go public in a merger with blank-check firm Bios Acquisition Corp.

(Bloomberg) — Avertix Medical Inc., which makes an implantable device designed to detect heart attacks, plans to go public in a merger with blank-check firm Bios Acquisition Corp.

The deal assigns Avertix, which had been known as Angel Medical Systems, an enterprise value of about $195 million, the companies said Wednesday. Assuming no investor redemptions, the New Jersey-based maker of the Guardian System is looking to retain up to $239 million, which it says will provide flexibility and facilitate internal and external growth opportunities.

The deal has been approved by both boards and is expected to close during the second half of the year, according to the companies.

The Guardian System, Avertix’s flagship product, is the first and only FDA-approved implantable patient-alerting system designed to warn patients to seek medical attention for acute coronary syndrome events, including heart attacks, the companies said.

Bios Acquisition, formerly known as BioPlus Acquisition Corp., is a special purpose acquisition company with Ross Haghighat as chief executive officer. It raised $230 million in a December 2021 initial public offering and said it would focus on finding a target in the life-sciences sector.

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