SynCardia Updates Terms for IPO
The expected price range for the SynCardia Systems IPO is $10 to $12 for 2.5 million shares.
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SynCardia Systems has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The expected price range given in the filing was $10 to $12 for 2.5 million shares, with an overallotment option for an additional 375,000 shares. At the maximum price, the total offering is valued up to $34.5 million. The company intends to list on the Nasdaq Global Market under the symbol TAHT.
The underwriters for the offering are Roth Capital Partners, Maxim Group and Monarch Capital.
This is are 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 United States, European Union 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 the device to the center. SynCardia refers 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 had been implanted across 120 medical centers globally.
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The net proceeds from the offering are intended to be used to fund the research and development activities and to build sales, marketing and distribution capabilities for the TAH-t system. The remainder will be used for working capital and general corporate purposes.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
