Picard Medical, parent company of SynCardia Systems LLC, maker of the world’s first total artificial heart approved by both the U.S. FDA and Health Canada, entered into a definitive agreement for a private placement financing of up to $50.0 million aggregate principal amount of senior secured notes due 2028 together with warrants to purchase common stock of the Company. WestPark Capital served as Sole Placement Agent.

The Company expects to issue an initial $15.0 million principal amount of notes at closing with the option to fund up to an additional $35.0 million principal amount in one or more tranches subject to certain conditions. The notes will be senior secured obligations of the Company.

The Company intends to use the net proceeds for working capital and general corporate purposes.