March 22nd 2024
Paris, March 22, 2024 – 5:45 pm (CET)
CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today announces a final agreement with all its financial creditors on new loan repayment terms.
This agreement follows the conditional agreements1,2 in principle announced on January 12 and February 22. It covers all of the Company’s bank loans, including the €30 million loan from the European Investment Bank (“EIB”)3 and the two State Guaranteed Loans (“PGE”), of a principal amount of €5 million each, from BNP Paribas (“BNPP”) and Bpifrance (“BPI”)4.
Given this agreement and its cash position, the Company can, according to its current business plan, fund its activities until mid-May 2024, and estimates its financing needs over the next 12 months at approximately €35m.
The Company carries on working very actively on other initiatives to strengthen its equity and alleviate its cash constraints in the short term, in order to be able to continue its activities beyond mid-May 2024.
Stéphane Piat, CEO of CARMAT, comments: “This agreement with the EIB, BNP Paribas and Bpifrance on new loan repayment terms is very good news for the Company.
Its implementation enables us to extend the maturity of all our financial debts by at least two years, and thus reduce our loan repayments by more than €30 million over the period 2024-2025. During this period, we will therefore be able to allocate our financial resources primarily to support our growth, while also significantly reducing the Company’s financing requirements.
I would like to thank our banking partners for their commitment to our project. Their support is a mark of confidence in the robustness of our project, and enables us to focus on our primary objective, which is to develop our sales and make Aeson® the reference therapy for advanced biventricular heart failure.”