Regulatory News:
CARMAT (FR0010907956, Paris:ALCAR), the designer and developer
of the world's most advanced total artificial heart project, aiming
to provide a therapeutic alternative for people suffering from
end-stage heart failure, announces that it is today taking out a
new contingent equity line with Kepler Cheuvreux.
This new framework agreement foresees a maximum of 3 successive
tranches of 12 months each, consisting in an initial tranche of €20
million beginning of the day the agreement is signed, followed by
two optional tranches of €15 million each.
CARMAT retains control of the pace of the financial support
provided by Kepler Cheuvreux, and can terminate the contract at any
time.
“This flexible solution will allow CARMAT to focus on the
success of the clinical trial program”, says Marcello Conviti,
Chief Executive Officer of CARMAT. He continues: “We thus have
sufficient room to maneuver and financial security to pursue our
development and to calmly look at all the financing options
available to the Company as the project moves forward.”
Within the context of this set-up, and subject to the conditions
defined by the two parties being met, Kepler Cheuvreux has made a
firm and definitive commitment to subscribe to a total of €20
million over the coming 12 months, at a pace and at the times it
wishes, which would result in the issuance of approximately 303
8651 new CARMAT shares2, or 6.5% of the Company’s current share
capital.
This contingent equity line will allow the Company to strengthen
its cash prospects and will provide it with heightened visibility
regarding its financing plan. It supplements CARMAT’s current cash
position (€7.7 million) and the other sources of financing to which
it has access, notably including Bpifrance funding (€5.3 received
in December 2014) and research tax credit. Moreover, the Company
will publish its 2014 annual results on February 11, 2015, once its
accounts have been approved by the Board.
The issuance price of these shares will depend on CARMAT’s
prevailing share price, discounted by no more than 6%. This
discount will enable Kepler Cheuvreux to be a financial
intermediary and an underwriter within the framework of a firm
commitment.
This new financing agreement terminates the previous contract
put in place with Kepler Cheuvreux in June 2013, and reflects the
mutual trust that exists between CARMAT and this partner.
As a guideline, should the contingent equity line be drawn upon
for €20 million at an issuance price (post discount) of € 65,822 a
shareholder holding 1% of the Company’s share capital would see his
or her shareholding reduced to 0.94% of the Company’s share
capital3.
This financing has been put in place pursuant to the ninth
resolution approved by the Shareholder Meeting held on April 2,
2014.
The number of shares issued within the framework of this
contract and admitted for trading on Alternext will notably be the
subject of Euronext notices.
1 Based on the closing price on January 23, 20152 Resulting in
the issuance of 303 865 new shares3 Based on the number of
CARMAT shares at December 31, 2014, i.e. 4 380 020
shares.
●●●
About CARMAT: the world’s most advanced total artificial
heart project
A credible response to end-stage heart failure: CARMAT
aims to eventually provide a response to a major public health
issue associated with heart disease, the world’s leading cause of
death: chronic and acute heart failure. By pursuing the development
of its total artificial heart, CARMAT intends to overcome the
well-known shortfall in heart transplants for the tens of thousands
of people suffering from irreversible end-stage heart failure, the
most seriously affected of the 20 million patients with this
progressive disease in Europe and the United States.
The result of combining two types of unique expertise:
the medical expertise of Professor Carpentier, known throughout the
world for inventing Carpentier-Edwards® heart valves, which
are the most used in the world, and the technological expertise of
Airbus Group, world aerospace leader.
Imitating the natural heart: given its size, the choice
of structural materials and its innovative physiological functions,
CARMAT’s total artificial heart could, assuming the necessary
clinical trials are successful, potentially benefit the lives of
thousands of patients a year with no risk of rejection and with a
good quality of life.
A project leader acknowledged at a European level: with
the backing of the European Commission, CARMAT has been granted the
largest subsidy ever given to an SME by Bpifrance; a total of €33
million.
Strongly committed, prestigious founders and
shareholders: Airbus Group, Professor Alain Carpentier, the
Centre Chirurgical Marie Lannelongue, Truffle Capital, a leading
European venture capital firm, and the thousands of institutional
and individual shareholders who have placed their trust in
CARMAT.
For more information: www.carmatsa.com
●●●
Disclaimer
This press release and the information contained herein do not
constitute an offer to sell or subscribe to, or a solicitation of
an offer to buy or subscribe to, shares in CARMAT ("the Company")
in any country. This press release contains forward‐looking
statements that relate to the Company’s objectives. Such
forward‐looking statements are based solely on the current
expectations and assumptions of the Company’s management and
involve risk and uncertainties. Potential risks and uncertainties
include, without limitation, whether the Company will be successful
in implementing its strategies, whether there will be continued
growth in the relevant market and demand for the Company’s
products, new products or technological developments introduced by
competitors, and risks associated with managing growth. The
Company’s objectives as mentioned in this press release may not be
achieved for any of these reasons or due to other risks and
uncertainties.
No guarantee can be given as to any of the events anticipated by
the forward-looking statements, which are subject to inherent
risks, including those described in the Document de Référence filed
with the Autorité des Marchés Financiers under number D.14-0145 on
March 17, 2014 and the Note d’Opération that was approved with visa
no. 11-308 on July 11, 2011, changes in economic conditions, the
financial markets or the markets in which CARMAT operates. In
particular, no guarantee can be given concerning the Company’s
ability to finalize the development, validation and
industrialization of the prosthesis and the equipment required for
its use, to manufacture the prostheses, satisfy the requirements of
the ANSM, enroll patients, obtain satisfactory clinical results,
perform the clinical trials and tests required for CE marking and
to obtain the CE mark. CARMAT products are currently exclusively
used within the framework of clinical trials. They are not
available outside these trials or for sale.
CARMATMarcello ConvitiCEOPatrick
CoulombierCOOValérie LeroyDirector of Marketing &
Investor RelationsTel.: +33 (0)1 39 45 64
50contact@carmatsas.comorKepler CheuvreuxThierry du
BoislouveauTel.: +33 (0)6 01 06 60
20thierry.du-boislouveau@keplercf.comorNewCapInvestor
Relations & Strategic CommunicationsDusan
OresanskyEmmanuel HuynhTel.: +33 (0)1 44 71 94
94carmat@newcap.frorAlize RPPress RelationsCaroline
CarmagnolTel.: +33 (0)1 44 54 36 66camat@alizerp.com
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