US-based Picard Medical has entered into a definitive agreement to privately place senior secured notes totalling up to $50m, maturing in 2028, along with warrants for common stock purchase.
The transaction will see WestPark Capital act as sole placement agent.
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The company plans to initially issue $15m in principal amount of notes at the time of closing, with the option to fund up to another $35m principal amount in one or more tranches, subject to specified conditions.
These notes will represent senior secured obligations for Picard Medical.
Net proceeds from the financing are intended for use as working capital and for general corporate purposes.
Picard Medical is the parent company of SynCardia Systems, a Tucson, Arizona–based entity that commercialises, develops, and manufactures the SynCardia Total Artificial Heart (STAH).
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By GlobalDataThis implantable system fully replaces the function of a failing or failed human heart and is the only artificial heart to have received approval from both Health Canada and the Food and Drug Administration (FDA).
The STAH remains the only commercially available artificial heart in Canada and the US.
With over 2,100 STAH implants conducted at hospitals in 27 countries, the system is said to be the most widely used and extensively studied artificial heart globally.
In April 2023, Picard Medical signed a definitive agreement to merge with Altitude Acquisition (ALTU), a special-purpose acquisition company. The deal estimated an enterprise value of $480m for Picard Medical.
The move paved the way for Picard Medical to become publicly listed. All equity holders of the company rolled 100% of their existing equity holdings into the new combined public company.
