CARMAT secures €9.7 million in global offering

PARIS: CARMAT, a leading designer and developer of the world’s most advanced total artificial heart, announced the completion of its global offering, raising a total of €9.7 million. Of this amount, €8.6 million was subscribed by specialized investors and €1.1 million by retail investors via the PrimaryBid platform.

Stéphane Piat, Chief Executive Officer of CARMAT, expressed satisfaction with the capital increase achieved despite challenging conditions. “This success provides us with the means to continue our growth trajectory,” Piat said. He extended gratitude to both existing and new shareholders, particularly the company’s two main shareholders, for their unwavering commitment.

“We are determined to achieve significant milestones in the first quarter and are confident in doubling our sales this year compared to 2024,” Piat added. He also emphasized ongoing efforts to extend the company’s cash runway and expand the adoption of its unique therapy for patients with advanced heart failure.

Use of Proceeds

The primary aim of the global offering is to bolster CARMAT’s equity position and finance short-term operations and development. The net proceeds will support operations until mid-May 2025, further sales development in Europe, and the continuation of the EFICAS clinical study in France.

However, the funds raised only partially cover the company’s financing needs for the next 12 months, with an additional requirement estimated between €30 million and €35 million. CARMAT is actively exploring additional financing options and engaging with potential financial partners.

Despite ongoing discussions, there is no assurance that these efforts will result in financial support before the current cash runway ends.

Offering Details

The €9.7 million global offering was conducted without shareholders’ preferential subscription rights or a priority subscription period, resulting in the issuance of 12,593,264 new ordinary shares, representing 28.3% of CARMAT’s pre-offering share capital.

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