News | Cardiovascular Business | July 07, 2016

SynCardia Systems to be Acquired by Versa Capital Management LLC

Acquisition will provide capital to support continued growth of Total Artificial Heart, development of next-generation Freedom 2 portable driver

SynCardia acquired, Versa Capital Management, chapter 11

July 7, 2016 — SynCardia Systems Inc. announced that it has entered into an asset purchase agreement (APA) with an affiliate of Versa Capital Management LLC (Versa) to acquire substantially all of SynCardia’s assets and operations. The acquisition brings with it the ability to provide the capital necessary for SynCardia to execute its business plan and accelerate its growth trajectory around the Total Artificial Heart and drivers, including the Freedom portable driver and the next-generation Freedom 2.

The company’s day-to-day operations will continue without interruption during the acquisition, which will require a brief court process under Chapter 11.

To fund operations, Versa has agreed to provide SynCardia with debtor-in-possession financing. This financing, along with existing cash on hand and collections from ongoing operations, will ensure that SynCardia has adequate liquidity to continue to provide products and services to over 120 SynCardia Certified Centers worldwide during the sale process.

SynCardia has filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the Delaware Bankruptcy Court (the “Court”). The Versa APA will require Court approval (subject to higher or better offers). SynCardia has proposed that the sale process be completed in approximately 45 days.

Ankura Consulting Group LLC is serving as restructuring advisor, Olshan Frome Wolosky LLP is serving as legal advisor and Canaccord Genuity Inc. is serving as investment banker.

For more information: www.syncardia.com


Related Content

News | Artificial Heart

May 1, 2023 — Picard Medical, Inc. (“Picard Medical”), the parent company of SynCardia Systems, LLC (“SynCardia”), a ...

Home May 01, 2023
Home
News | Artificial Heart

April 4, 2023 — A team at the Technical University of Munich (TUM) has induced stem cells to emulate the development of ...

Home April 04, 2023
Home
News | Artificial Heart

March 17, 2023 — More donated hearts could be suitable for transplantation if they are kept functioning within the body ...

Home March 17, 2023
Home
News | Artificial Heart

February 17, 2023 — Allegheny Health Network’s (AHN) Cardiovascular Institute reached a significant milestone in cardiac ...

Home February 17, 2023
Home
News | Artificial Heart

August 15, 2022 — Researchers in the Biomedical Engineering Department at UConn have developed a new cardiac cell ...

Home August 15, 2022
Home
News | Artificial Heart

July 14, 2022 — University of Toronto Engineering researchers have grown a small-scale model of a human left heart ...

Home July 14, 2022
Home
News | Artificial Heart

April 25, 2022 – There’s no safe way to get a close-up view of the human heart as it goes about its work: you can’t just ...

Home April 25, 2022
Home
News | Artificial Heart

March 28, 2022 — Carmat, the designer and developer of the world’s most advanced total artificial heart, aiming to ...

Home March 28, 2022
Home
News | Artificial Heart

June 18, 2021 – An experimental artificial heart includes an autoregulation control mechanism, or Auto-Mode, that can ...

Home June 23, 2021
Home
News | Artificial Heart

February 10, 2021 - The U.S. Food and Drug Administration (FDA) has granted artificial heart developer Carmat approval ...

Home February 10, 2021
Home
Subscribe Now