Sept. 20, 2016 – SynCardia Systems, LLC (“SynCardia” or the “Company”), maker of the SynCardia temporary Total Artificial Heart (TAH), today successfully completed its previously announced reorganization process and has been acquired by affiliates of investment firm Versa Capital Management, LLC (“Versa”). SynCardia will continue to be headquartered in Tucson, Ariz., and led by President and CEO Michael P. Garippa.
Mr. Garippa commented, “The partnership with Versa provides SynCardia the resources to continue providing physicians and their patients globally with the lifesaving Total Artificial Heart. There is greater financial and operational support to grow and flourish nationally and internationally, and to continue development of new and innovative devices. Our 70cc TAH has dominated the worldwide market, while our newer 50cc device is designed to accommodate underserved populations, including women and adolescents.”
“SynCardia is the unrivalled global leader in the artificial heart market, representing over 95% of all hearts ever implanted,” said Gregory L. Segall, Chairman and CEO of Versa. “We are excited to work with Michael and his team to fully implement their vision for supporting this critically important and valuable product and market. SynCardia now has the capital and other resources necessary to realize its full potential, including development of the next-generation Freedom® Portable Driver, advancing use outside of the hospital and accelerating their growth trajectory here in the United States and around the world.”
More About the SynCardia TAH
Headquartered in Tucson, Ariz., SynCardia is a medical technology company focused on developing, manufacturing and marketing the SynCardia TAH, an implantable system designed to assume the full function of a failed human heart in patients suffering from end-stage biventricular (both sides) heart failure.
The SynCardia TAH, in commercial use for over a decade, is the world’s only total artificial heart that is commercially available and approved in the United States (FDA), European Union (CE Marked) and Canada (Health Canada) for use as a bridge to donor heart transplantation. SynCardia is focused on supporting SynCardia Certified Centers to improve patient outcomes. More than 1,635 implants of the SynCardia TAH account for 560 patient years of life on the device.
About Versa Capital Management, LLC
Based in Philadelphia, Versa Capital Management, LLC is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa has a diverse portfolio of North American businesses including Allen-Vanguard International, Bell+Howell, Bridgestreet Global, Polartec, Hatteras Yachts, and Silver Airways. More information can be found at Versa.com.