Angel Medical Systems clears bankruptcy, raises $10m

Angel Medical Systems has raised $10 million in a new equity round of financing after clearing its Chapter 11 bankruptcy plans.

The Eatontown, N.J.-based company developed the FDA-cleared AngelMed implantable cardiac monitor system intended for patients who had prior acute coronary syndrome events, including myocardial infarctions or unstable angina, and who remained at high risk for recurrent ACS events.

Angel Medical Systems won approval for its Chapter II bankruptcy plans in January.

The company said last Friday that it has successfully exited from Chapter II as a private company, adding that the plan was supported by its creditors and that it has converted all existing note holder debt to equity.

“We are delighted to have completed this reorganization quickly. The restructuring resulted in a stronger balance sheet, no debt, and a clear path to commercialization of the AngelMed Guardian, to help patients in the U.S. and around the world,” CEO Dr. David Fischell said in a prepared statement.

“This is great news for those who could benefit from our implantable cardiac monitor and patient alerting system. It means we’re closer to bringing the AngelMed Guardian to market. We want to thank our employees, management team, and stakeholders for their support during the process,” COO Dave Keenan said in a press release.

Angel Medical Systems also said that it has raised $10 million in a new Series A financing round to support its AngelMed Guardian implantable cardiac monitor and patient alerting system.

Money in the round came from 56 unnamed sources, with the first date of sale noted as having occurred on March 29, according to an SEC filing.

The company is looking to raise an additional $5 million in the round, according to the filing.

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