SynCardia Systems said today that it was acquired by affiliates of investment firm Versa Capital Management, with current president & CEO Michael Garippa set to keep the corner office.
Tuscon-based Syncardia makes an artificial heart system designed to replace the functions of both the left and right ventricles and all 4 heart valves.
On August 16, Syncardia announced it would emerge from Chapter 11 reorganization with a new owner, Sindex, while rebuking claims from a french competitor Carmat (FRA:CXT) that it was exiting the market.
“The partnership with Versa provides SynCardia the resources to continue providing physicians and their patients globally with the life-saving Total Artificial Heart. There is greater financial and operational support to grow and flourish nationally and internationally, and to continue development of new and innovative devices. Our 70cc TAH-t has dominated the worldwide market, while our newer 50cc device is designed to accommodate underserved populations, including women and adolescents,” SynCardia prez & CEO Michael Garippa said in prepared remarks.
“SynCardia is the unrivaled global leader in the artificial heart market, representing over 95% of all hearts ever implanted. We are excited to work with Michael and his team to fully implement their vision for supporting this critically important and valuable product and market. SynCardia now has the capital and other resources necessary to realize its full potential, including development of the next generation Freedom driver, advancing use outside of the hospital and accelerating their growth trajectory here in the United States and around the world,” Versa CEO Gregory Segall said in a press release.
The company filed for Chapter 11 saying it has assets between $10 and $50 million, liabilities between $10 and $50 million and payments owed to more than 200 creditors, according to a court filing.