Halt Medical, Inc

On June 23, 2017, Halt Medical, Inc. (“Halt Medical” or the “Company”) was acquired by Acessa AssetCo LLC, an investment vehicle created by affiliates of Murray Enterprises, LLC and S3 Ventures, LLC (collectively, the “Buyer”), pursuant to §363 of the U.S. Bankruptcy Code.

Canaccord Genuity was hired on November 3, 2016 to explore sale and recapitalization alternatives for Halt Medical.  American Capital, Ltd. (“ACAS”), Halt Medical’s senior secured lender and majority stockholder, acted as the Company’s primary capital provider since ACAS’s initial investment in 2007.  In May 2016, Ares Capital Ltd. acquired ACAS and informed the Company that it would not be providing further liquidity.  The Company had approximately $156 million of senior secured notes on its balance sheet.

Canaccord Genuity ran a comprehensive marketing process, resulting in the formation of an investment vehicle by Murray Enterprises and S3 Ventures for the purposes of acquiring the assets of the Company and infusing it with additional capital.  On April 12, 2017, Halt Medical filed for chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware (the “Court”).  In connection with the filing, the Buyer launched, and achieved 94% participation in, a tender offer to purchase substantially all of the Company’s outstanding prepetition secured notes.  The Buyer was subsequently designated the stalking horse bidder.  On June 6, 2017, the Court approved the sale of substantially all of the Company’s assets to the Buyer.

Halt Medical, founded in 2004 and headquartered in Brentwood, California, is a medical device company focused on establishing a superior standard of care for women with symptomatic uterine fibroids.  The Company has developed and launched its proprietary and patented Acessa System (“Acessa”), using radiofrequency ablation to destroy uterine fibroids.  Acessa is a minimally invasive, uterus-sparing alternative to hysterectomy and myomectomy performed by laparoscopic gynecologists.  Halt has received FDA clearance and the CE mark for Accesa, conducted over 1,500 procedures, completed two clinical trials, 20 papers published with long-term data and secured a Category I CPT reimbursement code, which became effective January 2017.