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

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