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Artificial heart company Carmat has filed for insolvency after failing to raise the money it needed to continue operations, the company said Monday.
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Carmat began seeking donations in June after attempts to raise cash from investors floundered. The French company, which was close to running out of money in 2023, needed 35 million euros ($41 million) to fund operations for the next 12 months.
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Carmat has filed for insolvency and asked to be put in receivership by a court, a process to help creditors recover funds. The company is continuing to try to raise money and support patients…