French heart firm Carmat gets lifeline without new Airbus cash

PARIS, Oct 16 - Artificial heart maker Carmat on Monday secured a 7 million euro lifeline to survive an imminent cash crunch, but the deal left questions over future support from co-founder Airbus after the planemaker opted not to participate.

However, it estimated it would have to find around an extra 50 million euros to run the business until the end of October 2024, plus 14.7 million euros to cover the first tranche of a European Investment Bank loan due on Jan. 31 next year. Shareholders Lohas, Sante Holdings and Therabel Invest took part in the short-term capital raising, the company said.

Together they set up a venture in 1993 backed by Lagardere's Matra Defense unit, now part of Airbus, to pursue Carpentier's vision of a viable alternative to scarce heart transplants. Airbus, which is in the midst of a reorganisation focused on planemaking, has supported Carmat with 50 million euros since it was created but has expressed little appetite to invest significant new sums, people familiar with the discussions said.

Source: News Formal (newsformal.com)

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