(Reuters) – Artificial heart maker Carmat on Wednesday announced the launch of a new capital increase for an initial amount of 10.3 million euros ($11.5 million), citing “short-term working capital needs”.
The French group, which has launched a series of capital increases since September 2023, after flagging supply chain issues that threatened its survival, said the funding will support its activities until at least the end of 2024.
“The capital increase with a priority period for shareholders that we are launching today is crucial to strengthen our short-term financial structure”, CEO Stéphane Piat said in a statement.
After the offering, Carmat’s financing needs to the end of September 2025 will be between 36 million and 38 million euros, the company said.
Earlier this month, Carmat cut its full year sales guidance to between 8 million and 12 million euros, against 14 million euros previously, due to markets dynamics and seasonality.
The issue price of new shares is 1.60 euros per share.
($1 = 0.8994 euros)
(Reporting by Stéphanie Hamel; Editing by Tom Hogue)
