Carmat - Another 3 months relief
Two weeks ago, Carmat raised EUR 16m via a global offering. Cash runway is extended by c. 3 months until mid-August 2024. These funds provide Carmat with some more time to show commercial progress, which we consider crucial in raising additional capitalThe success of this offering was reassuring as Carmat had runway until end of May. Nevertheless, this is only a short-term relief as the company still needs c. EUR 30m to bridge the gap over the next 12-monthsUnderlying fundamentals remain strong despite the limited visibility on financing. Management believes they have reached an inflection point with the positive commercialCarmat is focused on the research and development of an innovative product in the medical sector, developing an orthotopic and biocompatible artificial heart which is completely implantable, as well as its electrical power supply system and remote diagnosis system. Co. is developing a long-term therapeutic solution for patients who suffer from advanced bi-ventricular heart failure and who are not eligible for cardiac transplantation and who have exhausted all drug possibilties. Co. is still in the phase of research and development and thus do not generate any revenues.
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