Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
NitroMed stent investment: Boston Scientific extends R&D collaboration with pharmaceutical firm through 2005 to develop nitric oxide elution compounds that can be used on vascular stents to "complement" Taxus line. The agreement, which expands the firms' original 2001 deal, consists of a $3 mil. up-front payment, adding to the $4 mil. equity investment and $1.5 mil. R&D payments already made by Boston Scientific. NitroMed also will receive milestone payments for development and commercialization targets, as well as royalties if a product is brought to market. Over the past year, Boston Scientific also has invested in Rubicon Medical, 3F Therapeutics and Innovia...
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Financings In Brief
WorldHeart relisting: Stock (WHTOF) resumes trading on Nasdaq at $9.50 following seven-to-one consolidation approved by shareholders Nov. 25, 16 months after being delisted. On Sept. 23, the company issued $63.5 mil. in common stock and converted $58 mil. of preferred shares into roughly 5 mil. common shares. Shareholders also agreed to convert the remaining $20 mil. in preferred shares and $3.5 mil. in accrued dividends. Following the restructuring and consolidation, the Ottawa firm has no preferred shares outstanding, about 15 mil. common shares and no debt. WorldHeart recently announced a new strategy for the U.S. marketing of its Novacor left-ventricular assist device, taking advantage of Medicare reimbursement for investigational LVADs (1"The Gray Sheet" Nov. 10, 2003, p. 39)...