CARMAT Announces the Issuance of a Second Tranche of Equity Warrants Within the Framework of Its Contingent Equity Line With Kepler Cheuvreux

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PARIS–(BUSINESS WIRE)–Regulatory News:

CARMAT (Paris:ALCAR) (FR0010907956, ALCAR), the designer and developer of the world’s most advanced total artificial heart, aiming to fulfill an unmet medical need by providing a therapeutic alternative to people suffering from end-stage biventricular heart failure, today announces the issuance of a second tranche of 650,000 equity warrants within the framework of the contingent equity line with Kepler Cheuvreux.

On September 27, 2018, CARMAT put in place a contingent equity line contract with Kepler Cheuvreux for a maximum amount of €25 million for a duration of 3 years.

The first tranche of 400,000 equity warrants, issued in September 2018, has, to date, enabled the Company to benefit from €9.1 million in financing within the framework of this contract.

The issuance of the second tranche of 650,000 equity warrants will enable Kepler Cheuvreux, on its own initiative and subject to contractual conditions being met, to subscribe to a maximum of 650,000 new shares for a maximum potential amount of €15.9 million.

Based on the number of shares comprising the Company’s share capital (15,352,502 as of March 31, 2021), the maximum dilutive impact of this issuance is 4.23%. The equity warrants may be exercised until September 27, 2021, and their exercise price will be the lowest daily volume-weighted average share price of the two trading days preceding each exercise, minus a maximum discount of 6%.

The exercise by Kepler Cheuvreux of all or a portion of the equity warrants thus issued will allow CARMAT to extend its financial visibility beyond mid-2022.


About CARMAT: the world’s most advanced total artificial heart project

A credible response to end-stage heart failure: CARMAT aims to eventually provide a response to a major public health issue associated with heart disease, the world’s leading cause of death: chronic and acute heart failure. By pursuing the development of its total artificial heart, Aeson®, composed of the implantable bioprosthesis and its portable external power supply system to which it is continuously connected, CARMAT intends to overcome the well-known shortfall in heart transplants for the tens of thousands of people suffering from irreversible end-stage heart failure, the most seriously affected of the 20 million patients with this progressive disease in Europe and the United States.

The result of combining two types of unique expertise: the medical expertise of Professor Carpentier, known throughout the world for inventing Carpentier-Edwards® heart valves, which are the most used in the world, and the technological expertise of Airbus Group, world aerospace leader.

The first physiologic heart replacement therapy: given the use of highly biocompatible materials, its unique self-regulation system and its pulsatile nature, the CARMAT total artificial heart could, assuming a successful clinical development, potentially save the lives of thousands of patients each year with no risk of rejection and with an enhanced quality of life.

A project leader acknowledged at a European level: with the backing of the European Commission, CARMAT has been granted the largest subsidy ever given to an SME by Bpifrance; a total of €33 million.

Strongly committed, prestigious founders and shareholders: Matra Défense SAS (subsidiary of the Airbus Group), Professor Alain Carpentier, the Centre Chirurgical Marie Lannelongue, Truffle Capital, a leading European venture capital firm, ALIAD (Air Liquide’s venture capital investor), CorNovum (an investment holding company held 50-50 by Bpifrance and the French State), the family offices of Pierre Bastid (Lohas), of Dr. Antonino Ligresti (Santé Holdings S.R.L.), of the Gaspard family (Corely Belgium SPRL and Bratya SPRL) and of M. Pierre-Edouard Stérin (BAD 21 SPRL), Groupe Therabel as well as the thousands of institutional and individual shareholders who have placed their trust in CARMAT.

For more information:


ISIN code: FR0010907956
Ticker: ALCAR



This press release and the information contained herein do not constitute an offer to sell or subscribe to, or a solicitation of an offer to buy or subscribe to, shares in CARMAT (“the Company”) in any country. This press release contains forward‐looking statements that relate to the Company’s objectives. Such forward‐looking statements are based solely on the current expectations and assumptions of the Company’s management and involve risk and uncertainties. Potential risks and uncertainties include, without limitation, whether the Company will be successful in implementing its strategies, whether there will be continued growth in the relevant market and demand for the Company’s products, new products or technological developments introduced by competitors, and risks associated with managing growth. The Company’s objectives as mentioned in this press release may not be achieved for any of these reasons or due to other risks and uncertainties.

No guarantee can be given as to any of the events anticipated by the forward-looking statements, which are subject to inherent risks, including those described in the Universal registration document filed with the Autorité des Marchés Financiers on February 24, 2021 under number D.21-0076 as well as changes in economic conditions, the financial markets or the markets in which CARMAT operates. In particular, no guarantee can be given concerning the Company’s ability to finalize the development, validation and industrialization of the prosthesis and the equipment required for its use, to manufacture the prostheses, satisfy the requirements of competent authorities, enroll patients, obtain satisfactory clinical results, perform the clinical trials and achieve commercial objectives.

Aeson® is an active implantable medical device commercially available in Europe ONLY, CARMAT SA., CE0344. The Aeson® TAH is intended to replace ventricles of native heart and is indicated as a bridge to transplant in patients suffering from end-stage biventricular heart failure (INTERMACS classes 1-4) who are not amenable to maximal medical therapy or LVAD and are likely to undergo heart transplant in the 180 days following device implantation. The decision to implant and the surgical procedure must be executed by Health Care professionals trained by the manufacturer. Carefully read the documentation (clinician manual, patient manual & alarm booklet) for characteristics and information necessary for patient selection and good use (contraindications, precautions, side effects).

In the USA, Aeson® is currently exclusively available within the framework of clinical trials.


Stéphane Piat
Chief Executive Officer

Pascale d’Arbonneau
Chief Financial Officer
Tel.: +33 1 39 45 64 50

Alize RP
Press Relations
Caroline Carmagnol
Tel.: +33 6 64 18 99 59

Investor Relations &
Strategic Communication
Dusan Oresansky
Quentin Massé
Tel.: +33 1 44 71 94 94

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