SynCardia's heart beats for Wall Street, filed for IPO – updated

Tucson-based SynCardia Systems, a total artificial heart development, manufacturing and commercializing company, filed for IPO under the proposed symbol TAHT (total artificial heart temporary) and looking to raise $34.5 million according to NASDAQ.
The company plans to issue 2.5 million shares with an over allotment option of $375,000 at $10-12 per share.
The lead underwriter is Roth Capital Partners with Maxim Group and Monarch Capital Group as co-managers.
The net proceeds will be used as working capital, to fund R&D, expand sales & marketing and pay off debt.
The company has reported an employee base of 113 at end of September 2015. The company is in the “quiet period” and are unable to comment on the IPO.
READ: SynCardia’s toaster size artificial heart system bridges transplant gap
SynCardia is the owner and manufacturer of the world’s first and only FDA, Health Canada and CE approved Total Artificial Heart (TAH-t) for use as a bridge to transplant for people suffering from end-stage biventricular heart failure in which both ventricles can no longer pump enough blood for a person to survive.
Tucson-based Desert Angels have been investors in the company for many rounds. Curtis Gunn, Chairman Desert Angels, told AZTB, having SynCardia go public helps reinforce the startup community at large and encourages investors to keep funding Arizona companies.
“When an investor is able to monetize their investment, they have the opportunity to re-invest those funds into the next generation of startups.  It’s good for the whole ecosystem,” Gunn said.
With respect to the IPO, “What is truly amazing is the fact that people with end-stage heart failure are being sent home with a total artificial heart in their chest as they await a transplant to become available. The technology developed by SynCardia Systems is literally saving lives,” Gunn said.
In a previous report, SynCardia announced their partnership with ASU and Phoenix Children’s Hospital to help patients with cardiovascular disease. Prior to their invention, heart transplant patients would be limited to their bedside.
SynCardia has helped over 1,470 patients, the youngest being 9-years-old and the oldest was 80-years-old. The longest a patient has lived with a SynCardia heart was nearly four years (1,374 days) before receiving a successful donor heart transplant Sept. 11, 2011, according to the company.

The video showcases the use of  3D printing technology that produces a CT-guided, virtual 3D modeling platform to correctly fit the SynCardia Heart for smaller patients.
SynCardia was named an Innovation Winner at the Arizona Technology Council 2014 Governor Celebration of Innovation in 2014.
Read more about Syncardia at AZ Tech Beat
Curtis Gunn’s comment was added after original posting.