Carmat - EUR 15m public offering launched
Carmat launched a EUR 15m capital increase by way of a public offering. The amount raised could be increased up to EUR 19.8m should the extension clause and overallotment option be fully exercised.Cash runway to be potentially extended by c.3months to early May 2024.Financing is a very short-term concern since the company has runway until end of January 2024, hence it is reassuring to have news on that front. This will however only be a short-term relief with an additional EUR 37-55m needed to bridge the gap until the end of 2024, depending on the finalization of its agreement withCarmat 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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