SynCardia, a US-based medical device maker backed by electronics manufacturer Delta, filed for an initial public offering on Nasdaq on Monday that could raise up to $40m.
Founded in 2001, SynCardia has developed an artificial heart for patients awaiting a transplant. The technology has been approved in the US, Canada and Europe.
The company has secured a total of $75.2m in venture funding, according to regulatory filings and media reports.
Delta Electronics Capital, the corporate venturing unit of Delta, holds a share of at least 5% in the company, though the regulatory filing does not disclose the exact size of its stake.
Other external investors in SynCardia include healthcare finance provider SWK Holdings, Athyrium Opportunities Fund, which acts as a subsidiary of asset manager Athyrium, and Iron Gate Investments.
The proceeds will be used to fund research and development efforts, clinical trials in the US, marketing efforts, and to pay off $538,000 in debt. Roth Capital Partners is acting as the sole book-running manager for the offering.