BRENTWOOD, Calif., April 13, 2017 /PRNewswire/ -- Halt Medical, Inc. ("Halt Medical" or the "Company"), a privately held medical device company that develops minimally invasive, uterine-sparing solutions for women who suffer from symptomatic fibroids, announced today that it has filed for voluntary Chapter 11 bankruptcy protection and entered into an asset purchase agreement with an affiliate of Acessa Health, Inc. ("Acessa Health").
Halt also announced that it has secured a new, $4 million debtor-in-possession credit facility from an affiliate of Acessa Health that will allow the Company to continue operating as normal during the sale process, without interruption to its day-to-day operations.
"We continue to have great resolve in our mission to advance minimally invasive, uterine-sparing technologies for the treatment of symptomatic fibroids," said Kim Bridges, CEO of Halt Medical. "Moreover, we believe that the proposed relationship with Acessa Health and its affiliates, who have expressed deep support of our mission, is in the best long-term interest of our patients, partners, and stakeholders."
Bridges continued, "The financial support we are receiving from Acessa Health and its affiliates during the sale process will allow us to continue normal operations during the transition period. We will do everything in our power to ensure that obligations to our employees, patients, and business partners are met and that we continue to deliver high quality service to our customers without interruption."
The voluntary Chapter 11 petition was filed in the United States Bankruptcy Court for the District of Delaware. The sale process will be conducted pursuant to section 363 of the U.S. Bankruptcy Code and is expected to be completed during the third quarter of 2017. The Company retained Drinker Biddle & Reath LLP and Cooley LLP as bankruptcy and corporate counsel, respectively, and Canaccord Genuity Inc. as investment bankers.
Additional information, including Court filings and other documents related to the Company's Chapter 11 case, can be found by visiting: www.donlinrecano.com/halt
About Halt Medical
Halt Medical, Inc. is focused on establishing a new standard of care for women with symptomatic uterine fibroids. The Company's Acessa Procedure is a minimally invasive, uterine sparing, laparoscopic procedure that utilizes a technology called radiofrequency ablation to treat uterine fibroids. The Acessa System is cleared by the FDA and has the CE mark for use in percutaneous, laparoscopic coagulation and ablation of soft tissue, including treatment of symptomatic uterine fibroids under laparoscopic ultrasound guidance. The Company is located in Brentwood, CA. For information about the Acessa System, please visit www.acessaprocedure.com.
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SOURCE Halt Medical, Inc.