News | September 02, 2010

SynCardia May Be for Sale in Next 12-24 Months

September 2, 2010 – Artificial heart maker SynCardia Systems said it plans to put the company up for sale some time in the next two years.

The maker of the Total Artificial Heart is considering a series E financing round before it evaluates an exit in the next 12 to 24 months, said CEO Rodger Ford. The company has raised $42.7 million in four rounds of funding to date and may seek an additional $2 to $5 million, said Ford.

SynCardia’s temporary Total Artificial Heart was approved by the FDA in 2004 as a bridge to transplant for transplant-eligible patients dying from end-stage biventricular failure. It is also cleared for use in Europe and Canada.

The company hopes to start a study in 2011 for a destination therapy product, which involves different materials than the current device.

The company plans to ramp up sales of its product and could evaluate an exit in the next 12 to 24 months. Ford said an ideal buyer would be a medical device player, such as Medtronic, Boston Scientific, St. Jude or Abbott. Medtronic and Boston Scientific are considered logical buyers because they may want to acquire cardiac pump devices like SynCardia’s to incorporate with their current offerings of stents and pacemakers.

However, SynCardia may receive greater interest from smaller companies that want to roll up the end-stage heart failure market, said Duane Nash, a senior analyst at Wedbush. He said ventricular assist device (VAD) makers Abiomed or Thoratec may have an interest, since they are already established mechanical circulatory support product vendors. Larger cardiovascular device companies may not consider SynCardia’s market large enough to go after.

Originally used as a permanent replacement heart, the Total Artificial Heart is currently approved as a bridge to human heart transplant for people dying from end-stage biventricular failure. The Total Artificial Heart provides immediate, safe blood flow of up to 9.5 L/min through both ventricles.

For more information:

Related Content

Leviticus Cardio and Jarvik Heart Unveil Wireless Heart Pump System
News | Ventricular Assist Devices (VAD) | February 11, 2019
Heart failure experts at the National Research Center for Cardiac Surgery in Astana, Kazakhstan, recently announced the...
Medtronic Receives FDA Approval for Less-Invasive Heart Pump Implant Procedure
Technology | Ventricular Assist Devices (VAD) | July 17, 2018
Medtronic plc recently received U.S. Food and Drug Administration (FDA) approval for a less-invasive implant approach...
CorWave's Next-generation Neptune LVAD Receives Funding

Image courtesy of CorWave

News | Ventricular Assist Devices (VAD) | July 11, 2018
French-based CorWave announced that its CALYPSO program has received 14 million euros to develop CorWave Neptune, a new...
Abbott Recalls the HeartMate 3 Left Ventricular Assist System, LVAD
News | Ventricular Assist Devices (VAD) | May 23, 2018
Abbott has initiated a Class I recall of the HeartMate 3 Left Ventricular Assist System due to a malfunction in the...
FDA Approves Abiomed Impella CP With SmartAssist and Optical Sensor
Technology | Ventricular Assist Devices (VAD) | April 02, 2018
Abiomed Inc. announced that it received U.S. Food and Drug Administration (FDA) Pre-Market Approval (PMA) for its...
Reduced Device Clotting, Decreased Strokes Seen With HeartMate 3 at Two Years
News | Ventricular Assist Devices (VAD) | March 13, 2018
At two years of follow-up, severely ill patients with advanced heart failure who received a novel heart pump fully...
Medtronic HeartWare HVAD System Approved for Destination Therapy
Technology | Ventricular Assist Devices (VAD) | October 04, 2017
October 4, 2017 — Medtronic received U.S.
Abiomed Receives FDA PMA Approval for Impella RP for Right Heart Failure
Technology | Ventricular Assist Devices (VAD) | September 28, 2017
Abiomed Inc. recently received U.S. Food and Drug Administration (FDA) pre-market approval (PMA) for the Impella RP ...
Abbott Receives FDA Approval for HeartMate 3 Left Ventricular Assist System
Technology | Ventricular Assist Devices (VAD) | August 29, 2017
Abbott announced it has received U.S. Food and Drug Administration (FDA) approval for its Full MagLev HeartMate 3 Left...
Overlay Init