SynCardia Acquired By Versa Capital Management

Tucson-based SynCardia, which was developing implantable, artificial hearts, was acquired this week by investment firm Versa Capital Management. Financial details of the deal wre not disclosed. Versa Capital Management acquired SynCardia via a bankruptcy auction of the biotech developer. Syncardia had filed for Chapter 11 bankruptcy on July 1st. The bankruptcy came after SynCardia withdrew plans for an IPO last year, and failed to gain additional funding from its existing backers.