/ Modified jul 6, 2016 1:43 p.m.

Tucson Artificial Heart Maker SynCardia in Bankruptcy

Philadelphia private equity fim expected to take control of SynCardia within 45 days.

SynCardia artificial heart SynCardia's artificial heart.

SynCardia, the Tucson-based maker of artificial hearts, has filed for Chapter 11 bankruptcy and is expected to be purchased by Versa, a private equity firm located in Philadelphia, SynCardia said in a press release.

SynCardia’s operations will continue without interruption during the bankruptcy process and sale, the press release said.

No one from Versa or SynCardia would comment.

"The partnership with Versa ensures a solid financial footing on which the company can execute its business plan and accelerate its growth trajectory," the press statement said.

The sale is subject to court approval and is expected to be finalized in approximately 45 days.

SynCardia’s Total Artificial Hearts have been used in around 1,600 people to date, or about 95 percent of all artificial heart implants ever completed.

MORE: Business, News, Tucson
By posting comments, you agree to our
AZPM encourages comments, but comments that contain profanity, unrelated information, threats, libel, defamatory statements, obscenities, pornography or that violate the law are not allowed. Comments that promote commercial products or services are not allowed. Comments in violation of this policy will be removed. Continued posting of comments that violate this policy will result in the commenter being banned from the site.

By submitting your comments, you hereby give AZPM the right to post your comments and potentially use them in any other form of media operated by this institution.
Arizona Public Media broadcast stations are licensed to the Arizona Board of Regents. Arizona Public Media and AZPM are registered trademarks of the Arizona Board of Regents.
The University of Arizona