Picard Medical partners with Hydrix to develop next-gen artificial heart

Picard Medical Inc. (NYSE American: PMI) announced that its subsidiary SynCardia Systems entered into a development collaboration agreement with Hydrix Services Pty Ltd on January 5, 2026. The partnership aims to advance SynCardia's next-generation total artificial heart technology called the Emperor.

The Emperor represents a fully implantable total artificial heart that would eliminate the need for an external driver, potentially offering patients greater mobility compared to current systems. SynCardia selected Hydrix based on its experience in developing regulated medical devices and mechanical circulatory support systems.

Under the agreement, Hydrix will perform development work through the end of 2026 as an initial phase within a broader staged development program. The collaboration is structured as a multi-stage, multi-year effort with continuation between stages dependent on technical progress and regulatory milestones.

"Hydrix's expertise and demonstrated track record in advancing complex cardiovascular technologies will support our shared objective of developing transformative solutions for patients with advanced heart failure," said Patrick N.J. Schnegelsberg, CEO of SynCardia Systems.

The development structure may allow Picard to benefit from Australian R&D tax incentives of approximately 43% of eligible expenditure, subject to qualification and review.

SynCardia currently manufactures the world's only commercially available total artificial heart approved by both the U.S. FDA and Health Canada. The company reports more than 2,100 implants performed at hospitals across 27 countries.

Hydrix Limited (ASX: HYD) operates across three business segments including medical device development services, MedTech investments, and cardiovascular product distribution.

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