Picard Medical prices $17 million IPO at $4 per share
Picard Medical, Inc. announced the pricing of its initial public offering at $4.00 per share, raising $17 million in gross proceeds before underwriting fees and expenses. The medical technology company will offer 4,250,000 shares of common stock.
The company manufactures the SynCardia Total Artificial Heart, which it states is the only total artificial heart approved by the U.S. Food and Drug Administration and Health Canada. Shares are expected to begin trading on August 29, 2025, on the NYSE American under the ticker symbol "PMI."
Underwriters have a 30-day option to purchase up to 637,500 additional shares at the offering price to cover over-allotments. WestPark Capital, Inc. serves as lead manager and sole bookrunner, while Sentinel Brokers Co., Inc. acts as co-manager.
Picard Medical plans to use the proceeds for market expansion through its joint venture in China, SynCardia Medical (Beijing), Inc. The company also intends to fund research and development activities, including work on the Emperor, described as a fully implantable version of its artificial heart, and next-generation portable driver systems.
Additional fund uses include building sales and marketing capabilities, expanding inventory and driver systems, repaying debt, and covering general operational expenses and working capital.
The SEC declared the company’s registration statement effective on August 12, 2025. The Tucson, Arizona-based company states that more than 2,100 implants of its artificial heart system have been performed at hospitals across 27 countries.
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