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The sole underwriter for the offering is Roth Capital Partners.
This is a medical technology company focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart (TAH-t), an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure.
The SynCardia TAH-t is the only total artificial heart that is commercially available in the U.S., Europe and Canada for use as a bridge to heart transplantation. As a total artificial heart, the SynCardia TAH-t replaces the functionality of both the left and right ventricles of the heart as well as all four heart valves. In combination with an external driver that delivers precisely calibrated pulses of air, the SynCardia TAH-t provides blood flow of up to 9.5 liters per minute through each ventricle, lowering central venous pressure and promoting the recovery of other vital organs.
The company requires each medical center to be trained and certified in the implantation of the SynCardia TAH-t and appropriate patient aftercare before it will sell its device to the center. SynCardia refer to centers that have successfully completed these certification programs as “SynCardia Certified Centers.” At the end of June, 2015, over 1,470 SynCardia TAH-ts (including predecessors) had been implanted across 120 medical centers globally.
In the filing SynCardia detailed its use of the proceeds to pay down its indebtedness as well as funding for clinical trials, building sales and marketing capabilities, and for working capital and general corporate purposes. Separately the company said that it expects that the net proceeds from this offering and the existing cash and cash equivalents, together with potential cash receipts from the sale of its products, will be sufficient to fund operations through at least the next 12 months.
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