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Received agreement in principle from BNP Paribas and Bpifrance to reschedule state guaranteed loan (hereinafter referred to as “PGE”)
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Extending the suspension period granted by the EIB, BNP Paribas and Bpifrance until 22 March 2024, facilitating the conclusion of a definitive agreement covering all financial obligations by that date;
Paris, February 22, 2024–(BUSINESS WIRE)–Regulatory News:
CARMAT (FR0010907956, ALCAR) is a treatment for progressive biventricular heart failure (“company” or “car mat“) today provides an update on the renegotiation of loan repayment terms with financial creditors.
Conditional basic agreement with the European Investment Bank (“EIB”)
Additionally, CARMAT has reached a conditional agreement in principle with the EIB.1 January 2024 for all three tranches of the loan.2. The agreement provides, inter alia, for the postponement of the maturity date of the first tranche of financing (totaling approximately EUR 15 million).3 The payment due date (principal and interest) will be extended to July 31, 2026, and the payment due date of the other two tranches will be extended to August 2027 and October 2028, respectively.
If the agreement is implemented, CARMAT will not have to repay this loan until July 31, 2026.Four. The first tranche of the loan was originally due on January 31, 2024, with the second and third tranches scheduled to be disbursed in 2025 and 2026, respectively.
The agreement is, in principle, non-binding at this stage and is conditional, inter alia, on the conclusion of rescheduling agreements for state-guaranteed loans (PGEs) entered into by the Company with BNP Paribas (BNPP) and BPIFrance (BPI).Total principal amount: 10 million eurosFive.
Agreement in principle on rescheduling of state-guaranteed loans
During February 2024, CARMAT received an agreement in principle to reschedule two contracted PGEs with BNP Paribas and BPI France, with initial maturities set for Q4 2026. This agreement itself is conditional, particularly on the following points: Implementation of agreements reached with the EIB.
Extension of the suspension period to allow final agreements to be concluded with all financial creditors by March 22, 2024
To facilitate the finalization of discussions with banks, the moratorium period applicable to principals of various loans, previously granted by the EIB, BNPP and BPI until February 22, 2024, will be extended to March 22, 2024. It was extended to the day.
By that date, the Company expects to reach a final agreement on the rescheduling of all financial obligations contracted with the EIB, BNP Paribas and Bpifrance.
In such a case, taking into account this contract and its cash position, the Company will be able to fund its activities until mid-May 2024 based on its current business plan, and its financing needs for the next 12 months will be approximately 35 million yen. Estimated to be EUR.
However, there can be no assurance that such an agreement will be reached by March 22, 2024. In this scenario, which we do not believe to be the most likely, CARMAT's funding runway could be shortened to his March 22, 2024, and its funding needs could be This increased to approximately 50 million euros per month.
We continue to be active in other initiatives to strengthen our capital and ease our financial constraints in the near term.
CARMAT CEO Stephane Piatt comment: “The agreement in principle reached between the EIB on the one hand and BNP Paribas and Bpifrance on the other regarding new repayment terms for their respective loans represents a very positive development.
I am confident that by March 22, discussions with these three banks will be finalized and a final agreement will be reached on the rescheduling of all financial obligations.
I would like to once again thank our three banking partners for standing by our side. ”
About car mats
CARMAT is a French MedTech that designs, manufactures and markets the Aeson® artificial heart. Our goal is to make Aeson® the first alternative to heart transplantation and provide a therapeutic solution for people suffering from end-stage biventricular heart failure, where there is a well-known lack of available human grafts. Aeson® is the world's first hemocompatible, pulsatile, and self-regulating physiological artificial heart, saving the lives of thousands of patients awaiting heart transplants each year. Masu. The device provides patients with quality of life and mobility thanks to an ergonomic, portable external power system that is continuously connected to the implanted prosthesis. Aeson® is commercially available as a bridge to port in the European Union and other countries that approve the CE marking. Aeson® is also currently being evaluated within the framework of a US Early Feasibility Study (EFS). Founded in 2008, his CARMAT is based in the Paris region, with its headquarters in Vélisy-Villa Coublay and its production site in Bois-d'Arcy. We can rely on the talent and expertise of a highly specialized, multidisciplinary team of approximately 200 people. CARMAT is listed on the Euronext Growth market in Paris (ticker: ALCAR / ISIN code: FR0010907956).
For more information, please visit www.carmatsa.com and follow us on LinkedIn.
name: car mat
ISIN code: FR0010907956
Ticker: alkal
Disclaimer
This press release and the information contained herein do not constitute an offer for sale or subscription, or a solicitation of an order to purchase or subscribe, of CARMAT Shares in any country. This press release may contain forward-looking statements regarding the Company's objectives and prospects. These forward-looking statements are based on the current estimates and expectations of our management and are subject to risk factors, including our ability to execute our strategy, the pace of development of CARMAT's production and sales, and the pace and results of our production and sales. and are subject to uncertainty. all risks associated with ongoing or planned clinical trials, technological advances and the competitive environment, regulatory changes, industry risks and the management of the company's growth; The Company's objectives set forth in this press release may not be achieved due to these or other risk factors and uncertainties.
The company's material and specific risks are those listed in the Universal Registration Document filed with the French Financial Market Authority (financial market officials -“AMF“) No. D.23-0323. Readers' attention is particularly drawn to the fact that the company's current cash runway is limited to the end of March 2024. Readers and investors are reminded of the unknown, or other risks that may not be considered material, specifically, may exist or may exist.
Eison® is an active implantable medical device marketed in the European Union and other countries that have approved the CE marking.The Aison® Total artificial hearts are intended to replace the ventricles of the native heart and are recommended for use in patients suffering from end-stage biventricular heart failure (INTERMACS class 1-4) who cannot benefit from maximal medical therapy or left ventricular assist therapy. It has been adapted as a bridge to Patients who may undergo heart transplantation within 180 days of heart transplantation. Implant decisions and surgical procedures must be performed by medical professionals trained by the manufacturer. Please read the documentation (Physician Manual, Patient Manual, Warning Booklet) carefully to understand how Aeson works.® Information necessary for patient selection and appropriate use (contraindications, precautions, side effects).Aison in America® is currently available exclusively as part of an early feasibility study approved by the Food and Drug Administration (FDA).
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1 Regarding conditional general agreement with EIB Press release dated January 12, 2024
2 Pursuant to an agreement signed on December 17, 2018, the Company secured financing from the EIB in the amount of EUR 30 million in the amount of EUR 30 million, which was completed on January 31, 2019 (the “First Tranche”) and on May 4, 2020 (the “First Tranche”). The first tranche was executed in three installments of 10 million euros each. (the “Second Tranche”), and October 29, 2021 (the “Third Tranche” and, together with the other tranches, the “Tranches”), each tranche being repayable with principal and interest five years after payment to the Company. will be done. .
3 Principal amount: 10 million euros, interest: approximately 5 million euros
Four However, there will be no change except in the case of default or early repayment.
Five Two State Guaranteed Loans (PGEs) were signed in Q4 2020 from BNP Paribas and Bpifrance each with a principal amount of EUR 5 million, amortizable from Q4 2022 to Q4 2026.
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contact address
car mat
Stephen Piatt
chief executive officer
Pascal Darbonneau
CFO
Phone number: +33 1 39 45 64 50
contact@carmatsas.com
Alize RP
For members of the press
caroline carmagnoll
Phone number: +33 6 64 18 99 59
carmat@alizerp.com
new cap
financial communication
& Investor relations
Dusan Olesansky
Jeremy Digel
Phone number: +33 1 44 71 94 92
carmat@newcap.eu
