Carvolix: Debt Financing Up to €30 Million with Claret Capital
The medical technology group, formerly Affluent Medical, has concluded a structured debt transaction in four tranches with Claret Capital Partners fund. Only the first tranche, of 10 million euros, was drawn immediately, with subsequent tranches remaining conditional on several regulatory and market milestones.
Financing Intended for Tavipilot Commercialization
Carvolix (formerly Affluent Medical) announced on August 6, 2026 that it had concluded a structured debt financing transaction with a total amount potentially reaching 30 million euros from funds managed by Claret Capital Partners. The transaction includes up to 20 million euros in senior secured convertible bonds, up to 10 million euros in senior secured amortizable bonds, as well as share purchase warrants with a total value of 1,152,110 euros.
The first tranche of convertible bonds, with a principal amount of 10 million euros, was drawn immediately, with release expected around August 7, 2026. The funds will be allocated to the commercialization of the Tavipilot platform in the United States (approximately 30%), the continuation of clinical, regulatory and commercial development of its portfolio (Kalios, Artus, Artedrone and Mitrapilot), as well as general working capital needs.
The maximum dilution resulting from the bonds and share purchase warrants is capped at 8.6% of existing share capital in the event of full drawdown of the 30 million euros.
Subsequent Tranches Conditional on FDA Authorization for Tavipilot
The second tranche, of 10 million euros, is notably conditional on obtaining FDA 510(k) authorization for the Tavipilot robotic platform and a debt-to-market capitalization ratio not exceeding 15%. Carvolix plans to draw it in late 2026 or early 2027, subject to obtaining FDA 510(k) authorization for Tavipilot.
The available cash after the drawdown of the first tranche enables the company to finance its operations until February 2027, with the drawdown of subsequent tranches extending this visibility to October 2027. Sébastien Ladet, Chief Executive Officer of Carvolix, stated that this financing, combined with the partnership established around Kalios and an equity financing program, "strengthens Carvolix's financial position" and gives it "the means to accelerate the commercialization of Tavipilot".
The transaction, approved by the board of directors, provides for first-rank security, restrictive covenants including a minimum cash balance of 2 million euros, as well as the appointment of a Claret Capital Partners observer on the board.
