MicroMed Cardiovascular Purchased, Taken Private by SynCardia CEO, Investors
September 9, 2008 - Ventricular assist device manufacturer MicroMed Cardiovascular Inc. today said it completed all necessary steps and is now a private company.
The final step in the process was a reverse split of its common stock and a repurchase of the fractional shares from the MicroMed shareholders holding smaller positions. At the time of the reverse split, E-Wilson LLC had accumulated 97.5 percent of the outstanding MicroMed shares. MicroMed received confirmation of the reverse split on Aug. 25, 2008, making E-Wilson the single shareholder of MicroMed.
On Feb. 1, 2008, MicroMed entered into a credit agreement with E-Wilson, under which E-Wilson agreed to provide up to $10 million in financing in a series of advances over the next two years, subject to certain conditions.
E-Wilson was formed by Rodger Ford, shareholder and CEO of SynCardia Systems and David Mackstaller, shareholder and vice president of development of SynCardia Systems, as a special purpose entity to own MicroMed shares. While MicroMed and SynCardia have some common shareholders, they are separate and operate as two independent entities.
MicroMed is a pioneer in the accelerating field of mechanical circulatory support and manufactures a small implantable ventricular assist device, the DeBakey VAD, which is intended to increase the cardiac output of a patient with a failing left ventricle. The DeBakey VAD and its related technology were developed in a partnership with NASA. In 1998, the DeBakey VAD became the first device of its kind to be used in humans. It weighs 92 grams and is implanted in the pericardial space.
The DeBakey VAD recently received approval for two upgrades, now approved in Europe with a CE mark and in the U.S. pediatric VAD under a humanitarian device exemption. A bridge to transplant clinical study is underway in the U.S. under an IDE that may eventually lead to a PMA.
The modern DeBakey VAD is the HeartAssist 5. It has a direct flow measurement system intended to provide blood flow data 24/7. The HeartAssist 5 and its earlier DeBakey VAD version have been implanted more than 440 times worldwide.
The HeartAssist 5 Adult VAD is an investigational device, limited by U.S. law to investigational use.
The HeartAssist 5 Pediatric VAD is authorized by federal law for use in providing temporary mechanical circulatory support as a bridge to cardiac transplantation for pediatric patients 5-16 years old who are listed for transplant. The effectiveness of this device for this use has not been demonstrated.
For more information: www.micromedtech.com