With State Support, New Jersey Technology Company Works to Decrease Damage Resulting from Heart Attacks Through Early Detection & Warning
TRENTON (May 29, 2015) – Angel Medical Systems in Shrewsbury realizes that many people do not recognize the symptoms of heart attacks or do not take the warning signs seriously enough. The growing technology company also knows that every minute counts when dealing with a heart attack. With these factors in mind, Angel Medical Systems developed an implantable device that monitors an individual’s heart, alerting to changes often seen before, or at the onset of, a heart attack. The company’s signature product, AngelMed Guardian® System, is designed to identify changes in the heart rhythm, alert patients to seek medical attention and store electrocardiogram (ECG) traces for later analysis.
“The device monitors your heart's electrical signal 24 hours a day, 7 days a week looking for changes that may indicate that your heart is not getting enough oxygen and that you might soon experience a heart attack,” Angel Medical Systems President and Chief Financial Officer Andrew Taylor explained. “The system may potentially detect heart attacks in high-risk patients who have no symptoms or have symptoms that are not typical.”
While the AngelMed Guardian® System is commercially available in Brazil and is CE Marked in Europe, it recently completed its pivotal clinical study and is currently under final FDA review in the United States.
Angel Medical System was one of 44 companies approved to share a total of $54 million in funding in Fiscal Year 2015 through the state’s Technology Business Tax Certificate Transfer (NOL) Program. The program allows qualified technology and biotechnology companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations to raise cash to finance their growth and operations. Up to $60 million dollars is available annually for the selected companies to share. Applications for the state’s Fiscal Year 2016 allocation are currently being accepted and can be found at https://www.njeda.gov/nol. The deadline to apply is June 30, 2015.
Angel Medical Systems will also participate in the State’s “Partnering with New Jersey” panel discussion at the BIO International Convention on Tuesday, June 16 at 11:00 a.m. in Philadelphia. During the discussion, audience members will hear how the State supports technology companies at all stages, helping them start, grow and thrive. The discussion will highlight the array of programs and resources available to the industry, including the NOL and Angel Investor Tax Credit programs.
@NJEDATech spoke with Angel Medical Systems President and Chief Financial Officer Andrew Taylor about the company’s experience in New Jersey and what’s on the horizon:
How has Angel Medical Systems benefited from funding it received through the NOL program?
NOL funding we have received in the past six years has positively and materially affected our Research & Development (R&D) programs and innovation in the state, and has afforded us the opportunity to create jobs and increase our workforce.
Why did you choose to grow the company in New Jersey?
Growing our company in New Jersey has allowed us to employ workers with an expertise in software development and life sciences.
What is Angel Medical System’s biggest success to date?
We have developed the breakthrough medical device AngelMed Guardian® System for those at high-risk for heart attacks. We have now completed clinical studies and are under final FDA review.
What’s in store for your company in the near future?
We hope to have FDA approval for the AngelMed Guardian® System within the next year, at which point we will commercialize our product in the U.S. and around the world. We also plan to continue our R&D efforts for a next-generation heart attack detector and early warning device.