New Funding Pumped into French Artificial Heart Manufacturer
Located in France, CARMAT is a commercial stage medical device company designing and developing the world's most advanced totally artificial heart. Formed in 2008, the company's aim is to become the primary alternative to heart transplants. By providing cardiologists with innovative technologies and therapeutic alternatives, its mission is to save lives, as well as improve the quality of life for patients with advanced heart failure.
BERTRAND DUFOURNIER
Managing Director
Degroof Petercam France
IMAP France
bertrand-dufournier@imap.com
RAYMOND DE WOLFF
Managing Director & Co-Head of Corporate
Brokerage & Syndication
Bank Degroof Petercam
Netherlands
r.dewolff@degroofpetercam.com
OLIVIER DE VOS
Managing Partner
Degroof Petercam Belgium
IMAP Belgium
olivier.devos@imap.com
CARMAT was looking for funding to consolidate its financial structure and ensure the pursuit of its industrial and commercial developments. This new capital injection will support the restart of production of its Aeson artificial heart and ensure the resumption — scheduled for October 2022 — of its implants, both from a commercial standpoint and within the framework of its clinical trials.
CARMAT began marketing its total artificial heart (TAH) in mid-2021, following CE mark approval in late 2020. In the main European countries, the company is using a direct commercialization approach and in 2021, activated and trained 13 centers. Germany and France, together accounting for 55% of the EU mechanical circulatory support device market, are its first targets, with commercialization in Germany already underway since July 2021.
Degroof Petercam — IMAP France & Belgium, acted as joint global coordinator, joint lead manager, and joint bookrunner in the fundraising round. Both the French and the Belgian corporate finance teams, as well as the Equity Capital Markets (ECM) and Syndication team collaborated on the transaction.
The successful €40.6 million capital raise includes €36.5 million by institutional and strategic investors along with €4.1 million by retail investors (via the PrimaryBid platform).