World Heart
This article was originally published in The Gray Sheet
Executive Summary
Ottawa, Ontario firm nets about $18 mil. from a secondary offering of 1.7 mil. shares at $11.35 each in conjunction with a concurrent offering of 255,000 shares by a selling shareholder. The deal is smaller than originally anticipated - 2 mil. shares by the company and 300,000 by the selling shareholder ("The Gray Sheet" May 3, p. 20). The first human implant of World Heart's HeartSaver ventricular assist device is expected by year-end, and proceeds from the offering are tabbed for continuing R&D, product development and commercialization. World Heart and the selling shareholder have granted overallotment options of 255,000 and 38,250 shares, respectively, to managers Merrill Lynch Canada, ScotiaMcLeod and CIBC World Markets, Inc