(Reuters) -French heart prosthesis company Carmat has filed for insolvency and requested to be placed in receivership after failing to secure emergency funding, it said on Monday. Trading in Carmat
France’s Carmat files for insolvency, shares suspended
(Reuters) -French heart prosthesis company Carmat has filed for insolvency and requested to be placed in receivership after failing to secure emergency funding, it said on Monday.
Trading in Carmat shares have been suspended at the company's request, it said, pending a decision by the the Versailles Economic Affairs Court.
Carmat, which had warned earlier this month that it could run out of cash by end-June without fresh financing, said it had not managed to raise the 3.5 million euros ($4.1 million) it needed and had submitted the filing to the court.
The group said it would require 35 million euros over the next 12 months under its current business plan, including 20 million euros by the end of 2025.
A court hearing is expected in the coming days, Carmat added.
($1 = 0.8522 euros)
(Reporting by Anna Peverieri; Editing by Matt Scuffham)
