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.
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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
