TUCSON, Ariz., Nov. 4, 2015 /PRNewswire/ -- SynCardia Systems, Inc. ("SynCardia" or the "Company") announced today that its Board of Directors has initiated a process to explore and evaluate all potential strategic alternatives to maximize stakeholder value, including a possible sale of the business. As part of this process, the Company announced that it has hired investment bank Canaccord Genuity Inc. ("Canaccord Genuity") to advise the Board of Directors and management with respect to these alternatives. In October, SynCardia withdrew its Initial Public Offering.
Michael Garippa, SynCardia CEO, said "SynCardia develops and manufactures the only FDA and CE Mark Total Artificial Heart, an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure. The SynCardia Board of Directors has retained Canaccord Genuity to evaluate and identify strategic alternatives aimed at optimizing the value of our business and technology, which have resulted in over 1,500 implants of our Total Artificial Heart in patients globally." Eric Salzman, Chairman of the Board of Directors, continued, "We believe Canaccord Genuity's reputation, track record and expertise will help us efficiently execute on this important process."
In making this announcement, SynCardia stated that there can be no assurance that this process will result in a transaction. The Company has not set a timetable for completion of the process and it does not intend to comment further regarding the review process unless a specific transaction is approved by the Board of Directors.
About SynCardia Systems, Inc.
SynCardia Systems, Inc., headquartered in Tucson, Arizona, is the manufacturer of the world's first and only FDA, Health Canada and CE approved Total Artificial Heart for use as a bridge to transplant for people suffering from end-stage biventricular heart failure in which both ventricles can no longer pump enough blood for a person to survive. More than 1,500 implants of the SynCardia Total Artificial Heart account for over 350 patient years of life on the device. Since January 2012 more than 485 SynCardia Hearts have been implanted. SynCardia Systems also manufactures the Freedom® portable driver, which powers the SynCardia Heart while allowing clinically stable patients to be discharged from the hospital and live at home and in their communities. The Freedom® portable driver has been used by more than 235 patients, accounting for over 160 patient years of support.
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SOURCE SynCardia Systems, Inc.