CARMAT Launches a Global Offering of Around €15 Million, With Subscription Commitments Totalling €8 Million

Regulatory News:

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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 the launch of a global offering of approximately €15 million via the issuance of new shares at a fixed price of €3.00 per share aimed at specialized investors as defined below and retail investors (via the PrimaryBid platform) (the "Global Offering").

Stéphane Piat, Chief Executive Officer of CARMAT, said: “This new financing comes at a crucial time, as our sales are beginning to grow significantly.
The progress we have made both on the commercial front, with in particular the training of new centers which continue to refer an increasing number of patients to us, and in the EFICAS study, which is getting pace, demonstrate the strong demand for our therapy, interest in which is gradually spreading within the medical community. Taken together, these promising advances enable us to anticipate substantial sales growth over the coming months, with estimated sales of around €14 million for 2024.
We are also delighted by the renewed support of our two largest shareholders, which is a testimony of their great confidence in our development trajectory, and by the opportunity given to individual investors to participate in this Global Offering.
The commercial success of Aeson is taking shape, and we are moving closer to our ultimate goal which is to give a large number of patients, access to our unique therapy, that, unlike other mechanical circulatory support systems, is physiological, and which has ultimately the potential to become the first destination therapy technology in the field of advanced biventricular heart failure.”

Reasons for the Global Offering

Prior to the Global Offering, the Company's financial resources allow it to finance its activities until the end of May 2024, and based on its current business plan, the Company estimates its financing needs over the next 12 months, at around €45 million.

The main purpose of the Global Offering is to strengthen CARMAT's equity and finance its short-term working capital requirements. The net proceeds of the Global Offering, should it be 100% completed, will enable CARMAT to continue its operations until mid-August 2024, and in particular to pursue the development of its production and sales, as well as its EFICAS clinical trial in France.