Less than nine months after winning FDA clearance for its implantable cardiac monitor system, Eatontown, NJ-based Angel Medical Systems appears to be struggling financially.
Court documents show that the company recently filed for Chapter 11 bankruptcy and is seeking up to $2.5 million in post-petition financing for its bankruptcy plan. Of that, a total of $2 million will convert into Series A preferred shares at a price equal to 78% of the original purchase price.
BioInfo Accelerator Fund is the company's largest creditor and Angel Medical owes the firm roughly $43 million total, according to the bankruptcy petition forms.
Angel Medical was founded by medtech pioneer Robert Fischell, PhD, recipient of the 2017 MDEA Lifetime Achievement Award. The company's AngelMed Guardian device also was a 2015 MDEA finalist and was among the most hotly anticipated devices back in 2016.