September 2016
SynCardia Systems, LLC
Canaccord Genuity acts as exclusive financial advisor to SynCardia Systems, Inc. on its sale to affiliates of Versa Capital Management, LLC pursuant to §363 of the U.S. Bankruptcy Code
On September 19, 2016, SynCardia Systems, Inc. (“SynCardia” or the “Company”) closed on its sale to Sindex SSI Lending, LLC, an affiliate of Versa Capital Management, LLC (collectively, “Versa”), pursuant to §363 of the U.S. Bankruptcy Code.
Canaccord Genuity was hired on October 19, 2015 to explore sale and recapitalization alternatives for the Company. SynCardia faced a liquidity shortfall and became unable to service its debt after two separate FDA signal letters were published while the Company was on its IPO roadshow, which led to the withdrawal of the IPO in October 2015 prior to Canaccord Genuity’s engagement.
Versa purchased SynCardia’s senior secured debt from the Company’s former lender and agreed to acquire substantially all of the Company's assets through a bankruptcy sale. On July 1, 2016, SynCardia filed for Chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware. Versa was subsequently designated the stalking horse bidder. On September 16, 2016, the sale hearing was held and Versa was declared the winning bidder.
SynCardia, headquartered in Tucson, Arizona, is a medical technology company focused on developing, manufacturing and marketing the SynCardia Total Artificial Heart, an implantable system designed to assume the full function of a failed human heart in patients suffering from end-stage biventricular heart failure. More than 1,635 implants of the SynCardia Total Artificial Heart account for 560 patient years of life on the device.
