Avertix and BIOS Acquisition Corporation Mutually Agree to Terminate Proposed Business Combination
EATONTOWN, N.J. and NEW YORK, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Avertix Medical, Inc. ("Avertix" or the "Company"), formerly known as Angel Medical Systems, Inc., a company focused on improving long-term management and outcomes of high-risk coronary disease in patients who have survived one or more heart attacks, and BIOS Acquisition Corporation (dba BioPlus Acquisition Corp.) ("BIOS") (NASDAQ:BIOS), a special purpose acquisition company, announced today that the two companies have mutually agreed to terminate their proposed business combination.
"While we were enthusiastic about the potential business combination with BIOS, we mutually agreed that the current market conditions are not conducive to completing the transaction on terms acceptable to both BIOS and Avertix stakeholders," said Tim Moran, Chief Executive Officer of Avertix. "We remain steadfast in our commitment to advancing cardiac care and will continue business as usual, focusing on our core mission of empowering providers with Guardian, the world's first and only heart attack warning system approved by the FDA. We will likewise continue to monitor the financial markets for opportunities to access additional capital to fund our accelerating growth."
Ross Haghighat, Executive Chairman of Avertix and Chief Executive Officer of BIOS, said, "I am honored to continue my role as Executive Chairman of Avertix, and I look forward to remaining actively involved in driving the company's growth and vision. We believe Avertix holds a unique position in the market with its Guardian System and are confident in its potential to make a profound impact on the future of cardiac care."
Both companies express their gratitude to their respective teams and advisors for their dedication throughout the merger process. Additional information can be found in a Current Report on Form 8-K filed by BIOS with the U.S. Securities and Exchange Commission and is available at www.sec.gov.
About Avertix Medical, Inc.
Avertix is a cutting-edge medical device company offering the first and only FDA-approved Class III implantable device that can detect silent and atypical symptomatic heart attacks in real-time. With a robust portfolio of U.S. patents pertaining to Acute Coronary Syndrome (ACS) events, Avertix is at the forefront of innovation in cardiovascular care and is committed to improving patient outcomes and saving lives through advanced medical technologies. For more information, visit avertix.com.
About BIOS Acquisition Corporation
BIOS Acquisition Corporation was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It is focused on identifying opportunities in the healthcare industry across the U.S., EU, Israel and Australasia.
BIOS Acquisition Corporation's leadership and board differentially consists of recognized industry leaders, including CEOs, CFOs, COOs, CSOs, auditors, investors, bankers and experts covering all functional disciplines needed to maximize the value creation opportunity for a healthcare company. BIOS Acquisition Corporation brings over 200 years of collective experience in: (1) identifying, developing and marketing value creating healthcare assets, (2) private and public company financing and deal-making, 3) audit and accounting, and 4) advisory and board experience. The BIOS Acquisition Corporation team has demonstrated commitment to building valuable assets and can be leveraged as true long-term partners who can help maximize the value creation opportunity for a potential business combination.
Forward-Looking Statements
Certain statements included in this Press Release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "would," "plan," "potential," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of present or historical fact included in this Press Release are forward looking statements. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Avertix's management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release.
Accordingly, undue reliance should not be placed upon the forward-looking statements as predictions of future events.
No Offer or Solicitation
This press release is for informational purposes only and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Contacts
AVERTIX
Investor Relations
Mike Cavanaugh
ICR Westwicke
[email protected]
+1-617-877-9641
Media Relations
Sean Leous
ICR Westwicke
[email protected]
+1-646-866-4012
Holly Windler
Avertix
[email protected]
