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:

Related Content

News | Artificial Heart | May 27, 2020
May 27, 2020 — Carmat, a developer of the of a next generation advanced total artificial heart, announces the first i
CorInnova Awarded 2017 InnoSTARS Prize for EpicHeart Soft Robotic Heart Assist Device
News | Artificial Heart | December 11, 2017
CorInnova Inc. recently announced it was awarded second prize in the “2017 InnoSTARS” life science competition for its...
CorInnova Awarded Seminal Patent for Minimally Invasively-Delivered Soft Robotic Heart Device
News | Artificial Heart | October 27, 2017
CorInnova Inc. announced it has received notice of allowance of a seminal patent to protect its intellectual property...
SynCardia, Chapter 11 reorganization, sale, Total Artificial Heart
News | Artificial Heart | September 13, 2016
August 29, 2016 — SynCardia Systems, manufacturer of the...
Carmat, bioprosthetic artificial heart, PIVOTAL study, first implantation, heart failure
News | Artificial Heart | September 09, 2016
Carmat announced that the first implantation of its bioprosthetic artificial heart within the framework of the PIVOTAL...
SynCardia Total Artificial Heart, TAH-t, documentary, Retro Reports, The New York Times
News | Artificial Heart | March 24, 2016
March 24, 2016 — A new documentary produced by Retro Report for The New York Times looks at the history and
Bryan Tyo, Baylor University Medical Center, bridge to transplant, Total Artificial Heart
News | Artificial Heart | March 18, 2016
A surgical team at Baylor University Medical Center at Dallas successfully performed a heart transplant on a patient...