Carmat announced on Friday that it had successfully raised 16 million euros in a capital increase that will enable it to continue its operations until mid-August 2024.

This new financing comes from subscriptions of 14.2 million euros from specialized investors and 1.8 million euros from individual investors via the PrimaryBid platform.

This amount is higher than expected, as the group had stated yesterday that it was aiming for a capital increase of around 15 million euros.

The issue price of the new shares has been set at three euros per share, a discount of 26.5% to Wednesday evening's closing price.

The artificial heart designer explains that these funds will enable it to continue developing its production and sales, as well as its clinical trial in France.

According to the company, the net proceeds from the transaction will give it sufficient visibility to pursue its activities until mid-August.

'A strengthening of its cash position is therefore expected in the meantime, which could captivate the share in the coming weeks', warned analysts at Oddo BHF this morning.

The research firm says it has lowered its price target from nine to 6.8 euros in order to take into account the dilutive effect of the transaction.

It should be noted that Carmat is confident of substantial gradual sales growth over the coming months, and is still targeting sales of around 14 million euros in 2024.

Carmat shares remained suspended on the Paris Bourse on Friday morning following these announcements.

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