SynCardia Systems sets terms for $28 million IPO

SynCardia Systems, a developer and manufacturer of temporary implantable artificial hearts, announced terms for its IPO on Wednesday.
The Tucson, AZ-based company plans to raise $28 million by offering 2.5 million shares at a price range of $10 to $12. At the midpoint of the proposed range, SynCardia Systems would command a fully diluted market value of $88 million.
SynCardia Systems, which was founded in 2001 and booked $18 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol TAHT. Roth Capital is the sole bookrunner on the deal. It is expected to price during the week of September 28, 2015.

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