TUCSON, Ariz. (Sept. 8, 2025) – Picard Medical Inc. (NYSE American: PMI), the Tucson-based medical technology company best known as the parent of SynCardia Systems, has successfully completed its initial public offering, raising approximately $17 million in gross proceeds.
The company offered 4.25 million shares at $4.00 per share in the offering, which closed on September 2. Underwriters were granted a 30-day option to purchase up to an additional 637,500 shares. Shares began trading on the NYSE American on August 29, 2025, under the ticker symbol PMI.
Picard Medical intends to use the IPO proceeds for a mix of strategic initiatives: expanding into China through a joint venture, advancing research and development of next-generation artificial heart technologies, scaling sales and marketing operations, increasing manufacturing capacity, repaying debt, and covering general corporate purposes.
“Completing this IPO marks a critical step in bringing lifesaving innovations to more patients around the world,” the company said in a statement. “We are committed to building on SynCardia’s legacy as the global leader in artificial heart technology.”
SynCardia at the Core
Picard’s subsidiary, SynCardia Systems, LLC, manufactures the SynCardia Total Artificial Heart — the only artificial heart approved by both the U.S. Food and Drug Administration and Health Canada. Since approval in 2004, the device has been implanted in more than 2,100 patients across 27 countries, serving primarily as a bridge to heart transplantation.
SynCardia is also advancing the “Emperor” fully implantable artificial heart, aiming to eliminate the need for external drive systems. Earlier this year, the company was awarded its first Chinese patent for the device.
A Milestone for Tucson’s Med-Tech Ecosystem
With its headquarters and manufacturing facility now based in Tucson, Picard Medical employs more than 75 people at a 34,440-square-foot facility capable of producing up to 450 artificial hearts annually. Local officials and industry observers see the IPO as further validation of Southern Arizona’s growing reputation in the life sciences and med-tech sector.
Picard Medical’s IPO comes at a time when investor attention on medical innovation is accelerating, particularly in cardiovascular devices. The successful listing positions the company for continued growth while strengthening Tucson’s role in the global medical technology landscape.