SynCardia Systems, a manufacturer of Total Artificial Heart, has secured $15m structured financing from Athyrium Opportunities Fund and $4m follow-on equity investment from existing shareholders.
The company will use the capital to support commercialization of its Freedom portable driver, a wearable power supply for the temporary Total Artificial Heart, as well as accelerate the launch of a new smaller 50cc Total Artificial Heart, designed for patients of smaller stature including women and adolescents.
SynCardia chairman, CEO and president Michael Garippa said, "In 2012, we generated $25 million in revenue and a record-breaking 125 implants at more than 50 SynCardia Certified Centers worldwide."
Athyrium Opportunities Fund partner Laurent Hermouet said SynCardia's recent growth is likely the beginning of a longer-term trend.
"The Total Artificial Heart will soon be able to address the entire biventricular heart failure market thanks to newer offerings like the Freedom driver as well as the 50cc version of the Total Artificial Heart," Hermouet added.
"This broader product offering coupled with convincing clinical and INTERMACS data makes partnering with SynCardia a compelling opportunity.
"We look forward to expanding this initial relationship as might be needed in upcoming quarters."
