Angel Medical Systems, Inc. Completes Initial Closing of $27.5 Million Financing
SHREWSBURY, N.J., Dec. 17, 2012 /PRNewswire/ -- Angel Medical Systems, Inc., a privately held medical device company developing technologies for continuous intracardiac ischemia monitoring and alerting, announced today that it completed an initial closing of an aggregate $27.5 million financing.
Participants in the round included existing venture capital, strategic partner and angel investors, as well as a new investor group, SOAM Angel Partners, LLC. Concurrent with the financing, Dr. Victor Whitman, a principal at SOAM Angel Partners, joined AngelMed's board of directors, which includes prominent medical industry veterans and financial partners.
The funding will be used to complete the company's Phase II Pivotal Trial of the AngelMed Guardian® System. Additionally, funds will be used for research and development of its next generation ischemia monitoring device, and continued expansion and commercialization in Europe and Brazil.
"We've made significant progress in our Pivotal Trial of the Guardian System, with more than 660 patients implanted with the device in the United States," said Dr. David Fischell, Chief Executive Officer of Angel Medical Systems. "This additional capital will enable us to continue study enrollment, and providing efficacy endpoints are met, file our Premarket Approval (PMA) in the coming year."
More than 1.3 million people have a heart attack every year, and more than 1/3 of those individuals either don't recognize symptoms or delay seeking care for three hours or more, resulting in significant heart damage or death. The AngelMed Guardian System heart monitor is designed to track significant changes in the heart's electrical signal, identify the signature of acute thrombotic occlusions, and then alert the patient to seek immediate medical attention.
"Detecting and warning patients at the earliest stage of coronary occlusion would allow us to shift the paradigm for treatment forward to the onset of the heart attack, which we believe could significantly improve clinical outcomes," added Dr. Fischell.
The AngelMed Guardian System has CE Mark approval in Europe, and is being actively implanted in Germany. The system is also commercially available in Brazil. St. Jude Medical, Inc. has licensed AngelMed's detection algorithm for use in the company's implantable cardioverter defibrillators (ICDs), which are commercially available in Europe, and are currently in U.S. clinical studies.
For more information on Angel Medical Systems, contact Andrew Taylor,
Chief Financial Officer at 732-542-5551, or visit http://www.angel-med.com.
Caution: In the United States, the AngelMed Guardian System is an investigational device. Limited by Federal (or United States) law to investigational use.
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 associated with 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 products, intellectual property protection and competitive product offerings could cause actual events to adversely differ from the expectations indicated in these forward looking statements.
SOURCE Angel Medical Systems