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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