The maker of the FDA’s only approved total artificial heart has outlined plans to go public, with a $12 million IPO, according to Renaissance Capital.
Picard Medical, which owns and operates the implant manufacturer SynCardia, aims to list on the New York Stock Exchange under the ticker PMI. Picard picked up SynCardia through an acquisition deal in late 2021.
SynCardia’s device, based on the original line of Jarvik artificial hearts, replaces both the left and right ventricles of the failing organ and circulates blood using externally powered pneumatic drivers. It is meant to provide a bridge to patients seeking a transplant.
First approved by the FDA in 2004, the company said more than 2,100 of its total artificial hearts have been implanted in patients across 27 countries.
In its prospectus filed with the SEC, Picard and SynCardia said they plan to develop a fully implantable device that could serve as an alternative to transplant—without any external hardware—and will work to expand the indications for its current system to include candidates with end-stage heart failure who are determining their eligibility for a transplant procedure. That would include long-term use of the device for two years or more, the company said.
The next-generation internal driver system, dubbed Emperor, is currently in the prototype phase, with animal studies slated for the first half of this year.
Picard previously sought a path to the public markets through a Nasdaq SPAC deal in April 2023, which would have valued it at $480 million. That plan was abandoned about a year later.
The company posted about $4.4 million in revenues for the 2024 calendar year.