Euronext Paris-listed Carvolix (formerly Affluent Medical), a French medtech company that aims to become a global leader in the treatment of structural heart diseases and strokes, has secured new financing, with €30m (US$35m) in structured debt from Claret Capital Partners with anti-dilution protection. The package includes €20m of senior secured convertible bonds and €10m of senior secured amortising bonds and associated warrants.
“We are delighted to be supporting Carvolix, enabling it to drive its business forward,” said Joey Mason, Life Sciences venture partner at Claret Capital Partners.
The first €10m tranche of convertible bonds has been drawn. Subsequent tranches remain subject to conditions including FDA clearance for the Tavipilot robotic system, equity fundraising milestones, installation targets and a debt‑to‑market‑capitalisation cap.
Proceeds will support US commercialisation of Tavipilot, continued development of Kalios, Artus, Artedrone and Mitrapilot, and general working capital. Following the initial drawdown, Carvolix expects its cash runway to extend to February 2027; full access to the remaining tranches would extend this to October 2027.
The company estimates funding needs of €50m through end‑2027, of which €20m has already been secured via a June equity raise, subscribed by Truffle Capital and Edwards Lifesciences, and the first debt tranche. The balance is expected to be met through the remaining Claret tranches, further equity financing, potential proceeds from Edwards Lifesciences options on Kalios and Artus, and non‑dilutive sources such as Bpifrance.
“This debt financing, along with the strategic partnership on Kalios and the €30m equity financing programme strengthens Carvolix’s financial positions,” said Sébastien Ladet, CEO of Carvolix. “It gives us the resources to accelerate the commercialisation of Tavipilot and preparation of industrialisation across our portfolio.”
The convertible and amortising bonds carry fixed interest rates of 10–10.5% (or EURIBOR + 8.5% for amortising tranches), with long interest‑only periods and maturities between 2030 and 2032. Conversion prices for the bonds are set at fixed or VWAP‑based levels, with maximum dilution across all bonds and warrants capped at 8.6% of current share capital. Claret receives first‑ranking security over Carvolix’s assets and an observer seat on the board.
Warrants issued alongside the first tranche allow subscription at €3.96 per share (subject to reset mechanisms) and may be exercised over ten years, with a put option enabling cashless exercise.
Carvolix was founded by Truffle Capital. It went public as Affluent Medical in 2021, when it raised €25m with an IPO with shares priced at €8.60. Shares last traded on Euronext at €6.30, up €0.36 from yesterday’s close.
Orrick, Herrington & Sutcliffe acted as legal advisor of the Company
Press release: carvolix_cp_20260806_en.pdf
