It would seem that it is funded until the end of the year

Not content to attract the interest of scientists and fascinate the public society Carmat implantable artificial heart will soon attempt to seduce the stock market. The biomedical company provides to introduce this year on Alternext.

Created in June 2008, Carmat is currently funded by the Truffle Capital, Professor Alain Carpentier Foundation, Director scientific responsible for the design of the prosthesis, and EADS (the project had initially been supported by Jean-Luc Lagardère). "We expect a fundraising significantly, of the order of 15 to 20 million euros, which Truffle Capital will participate," said Philippe Pouletty, Director General of the Fund. The company had obtained in 2008 support of Oseo, who has made EUR 33 million in grants and repayable advances.

Carmat, which employs 30 people and uses 20 providers, a need for funding to carry out its first clinical trials, planned for 2011. If the results are satisfactory, the company hopes to obtain in 2012 the CE marking, prerequisite to commercialization in Europe. The US market, which requires additional clinical studies, will be attacked in a second time.

"The cost of development of a total artificial heart is ten to twenty times less than that of a drug." Tests before placing on the market may not be limited to a small number of patients because the results are conclusive: it saves the sick or not. "Large expenditure position is to make themselves hearts because it is not prototypes but directly industrialized prostheses," details Philippe Pouletty.

Early stage

Carmat is much more willing to enter in stock that the company will get no funding of the strategic investment Fund (ISP), its Committee responsible for establishing recommendations having considered it inappropriate to invest in the company. "The development of the product of Carmat is too early to be of interest to the ISP." And amounts to invest considerable, of the order of 100 million. "Carmat, somewhat pressed to obtain financing, shall make savings," said a source familiar with the record.

The introduction on the stock exchange will allow a little more about the finances of the company, which remained very discreet. For example, the distribution of its shareholders and the rate of use of the cash remain confidential. It would seem that it is funded until the end of the year. "We have all the cash needed to keep up our introduction on Alternext.". "We believe also that the time is favourable," said Marcello Conviti, the Director General of Carmat.

The first sales of the artificial heart are expected for 2013, with a price of prostheses that oscillates between 100,000 and 200,000 euros. On the relevant market (that of the heart transplant), it is estimated between 500 million and EUR 1.5 billion per year.

Some 3,700 people are transplanted each year in the world and surgeons must now cope with the decline in the number of available plugins, linked to the decline in mortality on roads. In France, several hospital centres are ready to welcome this innovation, including Georges-Pompidou, in Paris, in which working Professor Carpentier. Already inventor of biological heart valves, it had not found in France of industrial partner and had finally developed his project with the US group Edwards. The introduction on the stock market should allow the company to preserve its independence, and to prevent history from repeating itself.