SynCardia Systems yesterday withdrew its plans for an initial public offering that would have provided $27.5 million at the midpoint.
Tucson-based SynCardia’s TAH-t device is currently FDA approved in the U.S. as a bridge to transplant for heart failure patients. SynCardia is also running a trial for a smaller version bridge-to-transplant sized for women and children.
“The registrant submits this request for withdrawal as it does not intend to pursue the contemplated public offering at this time,” the artificial heart maker said in an SEC filing.
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Syncardia had planned to float 2.5 million shares at $10 to $12 apiece.
The company is currently working to address a Class I recall of the driver that is part of some of the devices, at least partially because there was a complication with a patient that led to loss of consciousness, but had no permanent damage.
SynCardia has informed surgeons using this device about potential complications, particularly with those who received pre-implantation circulatory rescue interventions.
Although its artificial heart implants have been generally successful, there appear to be more tweaks to be resolved before going public. But some of the results thus far have been life-changing.
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