Picard Medical, which makes and sells implantable total artificial hearts under the brand SynCardia, filed on Tuesday with the SEC to raise up to $12 million in an initial public offering.
Through SynCardia, the company manufactures and sells the only FDA and Health Canada approved implantable total artificial heart (the SynCardia TAH). The SynCardia TAH is an established bridge to heart transplantation for patients with biventricular failure, and to date, over 2,100 SynCardia TAHs have been implanted in patients spanning 27 countries.
The Tucson, AZ-based company was founded in 1985 and booked $4 million in revenue for the 12 months ended December 31, 2024. It plans to list on the NYSE American under the symbol PMI. Picard Medical filed confidentially on August 23, 2024. The Benchmark Company is the sole bookrunner on the deal. No pricing terms were disclosed.
