CARMAT, designer and developer of a total artificial heart, said it is filing for insolvency and requesting to be placed in receivership to the Versailles Economic Affairs Court.
The company previously warned it was at risk of insolvency as early as the end of June 2025 unless it was able secure additional cash of at least €3.5 million (approximately $4.1 million).
"Despite its continued efforts, the company has not managed at this stage, to secure neither additional cash nor new financing," the company said in a statement.
In order to continue with business as usual, the company estimates its funding requirements over the next 12 months at approximately €35 million (approximately $41 million), including approximately €20 million (approximately $23 million) by the end of December 2025.
Pending the court's decision, CARMAT’s operations will carry on while it continues to actively explore all options to ensure the continuation of its business activities.
The company said it believes that the opening of a receivership procedure would be the most appropriate framework to facilitate this continuation.
