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Completion of a capital increase for a gross amount of €10.3 million, i.e. 100% of the initial offer

Paris, April 4, 2024 – 6:00 pm CEST

 

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”), announces today its participation in the following scientific and investor conferences during the second quarter of 2024:

 

Scientific Conferences

 

  • 44th ISHLT Annual Meeting

April 10 to 13, 2024 (Prague, Czech Republic)

Scientific Conference of the International Society of Heart and Lung Transplantation (ISHLT); one of the largest events dedicated to the treatment of advanced heart and lung diseases. The CARMAT team will be present on stand 36.

For more information, click here.

 

  • Mechanical Circulatory Support (MCS) Master-Class 2024

June 7 to 8, 2024 (Turin, Italy)

International Society for Mechanical Circulatory Support (ISMCS) event dedicated to training in implantation techniques for mechanical circulatory support systems. CARMAT proctors will present the Aeson® heart implantation procedure during hands-on sessions.

For more information, click here.

 

  • EACTAIC ECHO Course 2024

June 15 to 18, 2024 (Milan, Italy)

The European Association of Cardiothoracic and Vascular Anesthesia and Intensive Care (EACTAIC) ECHO 2024 course features innovations to enhance the learning experience and promote skills development.

For more information, click here.

 

Investor Conferences

 

  • Gilbert Dupont Société Générale MidCap Forum

May 16, 2024 (Paris, France)

Investor forum organised by Gilbert Dupont (Société Générale Group), a leading player in the intermediation and financial operations in the French small and mid-cap segment.

 

  • Portzamparc BNP Paribas Mid & Small Caps Seminar

June 12, 2024 (Paris, France)

Mid & Smallcaps conference organised by Portzamparc, BNP Paribas investment banking partner specialising in French small and medium-sized companies.

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  • Final maturity of all bank loans extended by at least 2 years
  • Equitization of the loan contracted with the EIB to reduce its repayment in cash and optimize the Company’s cash position

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.”

 

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  • Agreement in principle on the rescheduling of State-Guaranteed Loans (“PGE”) obtained from BNP Paribas and Bpifrance
  • Extension of the standstill granted by the EIB, BNP Paribas and Bpifrance until March 22, 2024, to facilitate the conclusion of a final agreement covering all financial debts by that date

 

Paris, February 22, 2024 – 7 am (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 provides an update on the renegotiation of the repayment terms of its loans with its financial creditors.

 

Conditional agreement in principle with the European Investment Bank (“EIB”)

As a reminder, CARMAT reached a conditional agreement in principle with the EIB[1] in January 2024 regarding all three tranches of its loan[2]. This agreement notably provides for the postponement of the due date for the first tranche of the loan (total amount of approximately €15 million[3] in principal and interest) to July 31, 2026, as well as the postponement of the due dates for the other two tranches, respectively to August 2027 and October 2028.

If implemented, this agreement would allow CARMAT to avoid having to repay this loan before July 31, 2026[4]. As a reminder, the first tranche of the loan was initially due on January 31, 2024, and the second and third tranches in 2025 and 2026, respectively.

This agreement in principle is not binding at this stage, as it is in particular subject to the conclusion of a rescheduling agreement for the State-Guaranteed Loans (PGE) contracted by the Company with BNP Paribas (BNPP) and Bpifrance (BPI), for a total principal amount of €10 million[5].

 

Agreement in principle on the rescheduling of State-Guaranteed Loans

During February 2024, CARMAT obtained an agreement in principle from both BNP Paribas and Bpifrance on the rescheduling of the two PGEs contracted with these banks, the initial maturity of which was set for the fourth quarter of 2026. This agreement is itself conditional, notably on the implementation of the agreement reached with the EIB.

 

Extension of the standstill to allow the finalization of a final agreement with all financial creditors by March 22, 2024

To facilitate the finalization of the discussions with the banks, the standstill applicable to the principal of the various loans, which had previously been granted by the EIB, BNPP, and BPI until February 22, 2024, has been extended until March 22, 2024.

By that date, the Company anticipates reaching a final agreement on the rescheduling of all its financial debts contracted with the EIB, BNP Paribas, and Bpifrance.

In such a case, given this agreement and its cash position, the Company could, based on to its current business plan, fund its activities until mid-May 2024, and estimates its financing needs over the next 12 months at approximately €35 million.

However, it is not guaranteed that such an agreement will be reached by March 22, 2024. In this scenario, which the Company does not consider the most likely, CARMAT could have its cash runway reduced to March 22, 2024, and its financing needs over the next 12 months increased to approximately €50 million.

The Company carries on working very actively on other initiatives to strengthen its equity and alleviate its cash constraints in the short term.

 

Stéphane Piat, CEO of CARMAT, comments: “The agreements in principle reached with the EIB on one hand, and BNP Paribas and Bpifrance on the other hand, regarding new repayment terms for their respective loans, represent a very positive development.

I am confident that by March 22, the discussions with these three banks will get finalised and a final agreement on the rescheduling of all our financial debts will be reached.

I would like to thank again our three banking partners for their commitment by our side.”

 

[1] Press Release from January 12, 2024, regarding the conditional agreement in principle with the EIB

[2] Under a contract concluded on December 17, 2018, the Company secured a loan from the EIB amounting to €30m disbursed in 3 tranches of €10m each, on January 31, 2019 (the “first tranche”), May 4, 2020 (the “second tranche”), and October 29, 2021 (the “third tranche” and, together with the other tranches, the “tranches”), each tranche to be repaid, in principal and interest, 5 years after its disbursement to the Company.

[3] Principal of €10m and interest of approximately €5m

[4] Except in cases of default or early repayment, which would remain unchanged.

[5] Two State-Guaranteed Loans (PGE) contracted in the fourth quarter of 2020, respectively from BNP Paribas and Bpifrance, with a principal amount of €5m each, amortizable from the fourth quarter of 2022 to the fourth quarter of 2026.

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Paris, February 5, 2024 – 5:45 pm CET

 

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aimed at providing a therapeutic alternative for patients suffering from advanced biventricular heart failure (the “Company” or “CARMAT“), today announces its indicative financial calendar for 2024.

 

This preliminary agenda may be modified. Each publication will be released before market opening.

 

Event

Date

2023 Full-Year Results

Wednesday, April 24, 2024

Shareholders’ Meeting

Thursday, May 30, 2024

2024 Half-Year Results

Wednesday, September 11, 2024

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CARMAT announces the completion of its capital increase for a gross amount of €16.5 million, including the exercise by the Lead Manager and Bookrunner of the overallotment option for an amount of €1.5 million

 

  • The funds raised represent 110% of the Initial Offer; the net amount of €14.9 million will contribute to the Company’s short-term financing

 

  • Together, demand and underwriting and guarantee commitments reached €18.8 million and were allocated as follows:
    €9.2 million as part of the global offering, including €7.8 million in subscription commitments (100% allocation) and €1.4 million in guarantee commitments (24% allocation), representing 56% of the Offer
    €7.3 million as part of the public offering, i.e. a 100% allocation, representing 44% of the Offer

  • After the Offer, the Company’s 12-month financing need amounts to c. €50 million (with a cash runway to end-February 2024), which could be reduced to €35 million (with a cash runway to mid-May 2024) in the case of a definitive agreement with the EIB[1]

[1]     For further details on this agreement, please refer to the Company’s press release dated January 12, 2024.

 

Paris, January 29, 2024 – 7 am (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”), announces the completion of its capital increase by way of a public offering without preferential subscription rights for a total gross amount of €16.5 million, including the partial exercise of the overallotment option granted by the Company to the Lead Manager and Bookrunner, for a gross amount of €1.5 million.

 

Stéphane Piat, Chief Executive Officer of CARMAT, said: “I would like to thank all investors, both historical and new, individual and institutional, who have contributed to the success of this capital increase, and thus demonstrated their confidence in the development of our Company. The funds raised will, in the coming weeks and months, enable us to build on the sales momentum initiated in the fourth quarter of 2023. More and more patients will thus be able to benefit from our unique therapy. We are more than ever determined to move forward and make Aeson® a reference therapy in the treatment of advanced biventricular heart failure.”

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CARMAT launches a capital increase of an initial amount of €15 million as part of its short-term financing

 

  • This capital increase will be made by way of a public offering without preferential subscription rights

  • The initial amount of the capital increase could be increased up to €17.25 million should the extension clause be fully exercised, and up to €19.8 million should the extension clause and overallotment option be fully exercised

  • Extension of CARMAT’s cash runway to early May 2024, in the event of completion of the initial capital increase (excluding the extension clause and overallotment option).

  • After the Offering, the Company’s funding needs for the next 12 months will amount to €37 to 55 million

 

Paris, January 17, 2024 – 6 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”), announces the launch of a capital increase by way of a public offering without preferential subscription rights for an initial total of €15 million, which could be increased to a maximum of €19.8 million should the extension clause and overallotment option be fully exercised. The main characteristics of this capital increase are as follows:

 

  • Subscription price: €3.99 per share, representing a discount of 30% on the average of the volume-weighted average share prices over the five trading sessions preceding the setting of this subscription price;
  • Subscription and underwriting commitments totaling €9.17 million, or 61.13% of the initial amount of the transaction (including €3.25 million by the historical shareholders Lohas, Santé Holdings and Therabel Invest);
  • Subscription period open from January 18 to January 25, 2024, inclusive;
  • Extension of CARMAT’s cash runway to early May 2024, should the initial capital increase be implemented (excluding the extension clause and overallotment option).

 

Stéphane Piat, Chief Executive Officer of CARMAT, said: “15 years of innovations have enabled us to devise Aeson®, the world’s only artificial heart combining pulsatility, hemocompatibility and self-regulation, to replicate as closely as possible the functioning of a human heart and offer patients a quality of live with no complications.

In 2023, CARMAT made decisive progress: 50 implants achieved since inception, 41 hospitals trained to implants of Aeson® in 12 different countries, and opening of a new manufacturing facility with a capacity of up to 500 hearts a year. Out of the 50 implants made so far, 11 were performed during the fourth quarter of 2023, in France, Germany and Italy, demonstrating a strong acceleration in the adoption of Aeson® by the medical community.

This puts us in a position to move towards a substantial commercial deployment of Aeson® in Europe, from the beginning of 2024.

By launching a public offering which, by definition, is open to all, we want to allow both our existing shareholders, who we would like to thank very warmly for their support, and those who are not yet CARMAT shareholders, to participate in our short-term financing, and by doing so, support our long-term objective of providing a solution to the thousands of patients suffering from advanced biventricular heart failure, who currently have no therapeutic options due to the lack of a sufficient number of available human grafts ”.

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      • 50 patients have benefited from CARMAT’s Aeson® artificial heart since the first implant in 2013
      • Aeson® becomes an essential breakthrough innovation in the treatment of advanced biventricular heart failure
      • 41 hospitals in 12 countries are trained for implants[1], including 33 for commercial activity
      • Turnover of €2.8m in 2023, marked by a substantial acceleration in sales in the fourth quarter, with 11 implants out of the 17 carried out during the year
      • Sales of €14-20m anticipated in 2024
      • Launch in the very short term of a capital increase to extend the cash runway beyond the end of January 2024 and partially finance the Company’s needs for the forthcoming 12-month period, estimated to a minimum of €50m

       

       

      Videoconference on January 17 at 20:00 CET.

      To participate, please register by clicking on this link

       

      Paris, January 15, 2024 – 7:00 am (CET)

       

      CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aimed at providing a therapeutic alternative for patients suffering from advanced biventricular heart failure (the “Company” or “CARMAT“), today announced that it has reached the milestone of 50 implants of its total artificial heart, and provides an update on its achievements and outlook.

       

      Stéphane Piat, Chief Executive Officer of CARMAT, declares: « CARMAT celebrated its 15th anniversary in 2023. The Company and its teams are extremely proud to have reached the milestone of 50 Aeson® implants since the first in December 2013. This milestone is a major success and is a testimony of the recognition of our therapy by leading names in cardiology.

      Founded on the work of the icon of cardiac surgery, Professor Alain Carpentier, CARMAT aims to treat heart failure, a major health issue and the world’s leading cause of death, by replacing the diseased heart with a bioprosthetic artificial heart. The last 15 years have been a period of intense research and development, resulting in a breakthrough innovation that is unique in the field of cardiology. 2023 has been particularly structuring year for the Company, with a substantial acceleration in sales in the last quarter, a significant number of hospitals trained for implants, increased manufacturing capacity to meet demand, and a reinforcement of the Aeson® heart’s safety profile thanks, in particular, to software improvements, which represents a significant catalyst for our long-term ambition to make Aeson® a “destination therapy” device, i.e. enabling long-term patient support without subsequent heart transplantation.

      Taken together, these advances provide a solid foundation for a sizable commercial roll-out, enabling CARMAT to achieve its ultimate goal of providing patients waiting for a human heart with a therapeutic solution and a good quality of life. We look forward to 2024 with confidence and are very determined to achieve our goals. »

      [1] Excluding the United States, where 9 hospitals are trained as part of the EFS (early feasibility study) clinical trial.

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