Latest news with #Carmat
Yahoo
7 hours ago
- Business
- Yahoo
Carmat files for insolvency amid cash crunch
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Artificial heart company Carmat has filed for insolvency after failing to raise the money it needed to continue operations, the company said Monday. Carmat began seeking donations in June after attempts to raise cash from investors floundered. The French company, which was close to running out of money in 2023, needed 35 million euros ($41 million) to fund operations for the next 12 months. Carmat has filed for insolvency and asked to be put in receivership by a court, a process to help creditors recover funds. The company is continuing to try to raise money and support patients while waiting for the court's decision. Carmat launched its Aeson total artificial heart in 2021. Months later, the company suspended use of the device in response to a quality issue. Carmat resumed production in March 2022 and commercial use of the device in November 2022. However, supply chain issues slowed sales growth, resulting in Carmat's cash runway shrinking to one month in September 2023. The company averted that crisis but cash remained a concern. Carmat raised 9.7 million euros in January and secured up to 7.9 million euros two months later. Yet, on June 20, the company warned it only had enough money to fund operations to the end of the month. Carmat set up a crowdfunding campaign to try to raise some of the 3.5 million euros it needed to fund operations into July. The company had received 20,110 euros in donations by the time the campaign closed Monday. Having asked to be put in receivership, Carmat expects a hearing to take place in the coming days. The court will rule on the request after the hearing. Carmat has asked Euronext to suspend trading of its stock until the court has reached a decision. The company said receivership is the most appropriate way to ensure the continuation of its business activities. Carmat, which reported sales of 2.4 million euros in the first quarter, secured conditional approval to enroll a second cohort in its U.S. study in April and completed enrollment in a French trial in May. The company was aiming to use the studies to secure reimbursement for Aeson in France in 2026 and potentially bring the device to the U.S. market in 2028. Recommended Reading Artificial heart maker's cash runway shrinks to 1 month after supply woes hurt sales Sign in to access your portfolio
Reuters
3 days ago
- Business
- Reuters
France's Carmat files for insolvency, shares suspended
June 30 (Reuters) - French heart prosthesis company Carmat ( opens new tab has filed for insolvency and requested to be placed in receivership after failing to secure emergency funding, it said on Monday. Trading in Carmat shares has been suspended from Monday before market open at the company's request, pending a decision from the court, the group added.
Reuters
20-06-2025
- Business
- Reuters
French heart prosthesis firm Carmat at risk of insolvency by end-June
June 20 (Reuters) - French heart prosthesis company Carmat ( opens new tab is in a critical financial situation and will be at risk of insolvency by the end of this month, it said in a statement on Friday. Carmat needs 3.5 million euros ($4.04 million) to avoid insolvency by the end of June, it said. It said it is actively exploring financing options and is launching a campaign seeking donations through an online platform. ($1 = 0.8673 euros)
