Troubled artificial heart maker Carmat is appealing to key shareholders led by Airbus to invest new funds to avoid the collapse of the 30-year-old venture dating back to a chance meeting between a French surgeon and a missile magnate.
to invest new funds to avoid the collapse of the 30-year-old venture dating back to a chance meeting between a French surgeon and a missile magnate.it could run out of cash at the end of October following supply issues, as it actively explores "several financing options".
Carmat Chief Executive Stephane Piat told Reuters the participation of existing shareholders including Airbus in any fundraising would send an important signal. Sources said Carmat, which had 24 million euros cash at mid-year, was looking to raise a total of around 100 million. The company has not disclosed amounts.
It remained unclear what, if any, contingency plans may be needed to continue to support them if Carmat fails to raise the funds it needs to survive. Airbus has indicated in the past that Carmat is non-core while contributing to periodic cash calls. It most recently invested 10 million euros in March 2022.
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