Honigman LLP Advises Avertix on its Business Combination Agreement with SPAC Bios Acquisition Corp
Honigman is advising Avertix Medical, Inc., 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, on its definitive agreement with special purpose acquisition company, or SPAC, Bios Acquisition Corp. (Nasdaq: BIOS) – a combination that would result in Avertix becoming a publicly traded company on Nasdaq. Partners Phil Torrence, Jeff Kuras, Jordan Schwartz, Samuel Katz, John Hertel and Nathan Howze, as well as associates Isaac Pasha, Tess Campbell and Lauren Legner, led the Honigman team advising Avertix.
The combined company, which will be named Avertix Medical, Inc., will have an enterprise value of approximately $195 million, and the common stock of the combined company is expected to be listed on Nasdaq under the ticker symbol “AVRT.” Upon the closing of the transaction and assuming no redemptions by BIOS’ public shareholders, Avertix plans to retain up to approximately $239 million of cash in trust on its balance sheet. The Transaction is subject to customary closing conditions and is expected to close during the second half of 2023.
Tim Moran, President and Chief Executive Officer of Avertix who will lead the combined company upon closing of the transaction, commented in the company’s press release, “We are thrilled to join forces with BIOS to accelerate the commercialization, 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.”
Avertix is a cutting-edge medical device company offering the first and only FDA-approved and CMS reimbursed 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.