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.
Source: Thinkstock
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.
ALSO READ: How GW Pharma’s Newest Cannabinoid Trial Is a Game Changer
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.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
