Carmat - Reaches final agreement on new loan repayment terms
A final agreement – following conditional agreements in principle announced earlier this year - has been reached with all financial creditors.The agreement covers the EUR 30m loan from the EIB and the EUR 5m loans from BNP and Bpifrance. The final maturity of all bank loans is extended by at least 2y. The first tranche of the EIB loan will be equitized. All in all, cash runway is extended until mid-May 2024.Positive news as this constitutes a first step in improving the financial visibility of the company. Financing however remains a short term concern as the company has less thanCarmat 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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