Picard Medical, which makes and sells implantable total artificial hearts under the brand SynCardia, raised $17 million by offering 4.3 million shares at $4, the midpoint of the range of $3.50 to $4.50.
Through SynCardia, the Tucson, AZ-based company manufactures and sells the only FDA and Health Canada approved implantable total artificial heart (the SynCardia TAH). The SynCardia TAH is an established bridge to heart transplantation for patients with biventricular failure, and to date, over 2,100 SynCardia TAHs have been implanted in patients spanning 27 countries.
Picard Medical plans to list on the NYSE American under the symbol PMI. WestPark Capital acted as sole bookrunner on the deal.
