Carmat - EUR 7m capital raise
Carmat raised EUR 7m from historical financial shareholders.Cash runway is extended until beginning of 2024.Financial visibility remains a short-term concern in our view since the runway has only been extended by two months. Buy reiterated.Carmat 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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