SynCardia said it brought in another $14 million funding round, led by a $10 million contribution from SWK Holdings, that it plans to use to develop a smaller version of its total artificial heart.
Tucson-based SynCardia said Athyrium Capital Management contributed the remaining $4 million as a follow-on to its $10 million investment in March.
The medtech company said it plans to use the cash to develop a 50cc version of its total artificial heart for bridge-to-transplant therapy for heart disease patients awaiting a transplant. SynCardia’s 70cc device is already approved in the U.S., Canada and countries that recognize the European Union’s CE Mark.
"With this expanded product line, SynCardia anticipates the tripling of the market size and sales potential for the SynCardia total artificial heart," according to a press release.
SynCardia said it will also use the funds to ramp up production of its Freedom portable driver as it seeks pre-market approval from the FDA.
"In 2013 we are setting another record for SynCardia Heart implants, nearly double what was then our 2011 record-breaking year of 81 implants," president & CEO Michael Garippa said in prepared remarks. "As of Dec. 16, 155 SynCardia total artificial hearts have been implanted this year."
In March, SynCardia put together a $19 million financing package to back the spinout of its total artificial heart technology, hard on the heels of an FDA win for the device.