Edison Issues Outlook on Carmat (ALCAR)

LONDON, UK / ACCESSWIRE / September 27, 2019 / In January, Carmat (Euronext Paris:ALCAR.PA) announced data from the initial 10 patients included in the first leg of its EU pivotal study investigating the surgical implantation of the Carmat heart in patients suffering from end-stage biventricular heart failure (HF). In total, 70% of these patients achieved the primary endpoint, which is survival at six months post implant. Also, improvements to the device manufacturing process starting in Q418 slightly delayed timelines. The trial is expected to resume with the improved Carmat heart in Q319.

We have adjusted our valuation to €856.0m or €68.01 per share from €773m or €83.89 per share. The increase in total value is primarily attributed to rolling forward our NPVs and higher net cash due to an offering. The per-share value fell due to the dilution associated with the offering. We have also delayed our expectations for enrolment completion to H120 (previously mid-2019) and launch in Europe by the end of 2020 (previously H120) due to a temporary halt in device manufacturing.

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Maxim Jacobs, +1 646 653 7027

Nathaniel Calloway, +1 646 653 7036

healthcare@edisongroup.com

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