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New WorldHeart CEO Cuts Costs, Redirects Firm To California Roots

This article was originally published in The Gray Sheet

Executive Summary

WorldHeart plans to eliminate its Ottawa operations by March 31 as part of the firm's shift from a new technology start-up to a commercially successful device manufacturer

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Financings In Brief

Nephros goes public: Hemodiafiltration (HDF) technology developer focused on treatment of end-stage renal disease grosses $12.6 mil. from initial public offering of 2.1 mil. shares of common stock at $6 each on Sept. 21, commencing trading on the American Stock Exchange under the symbol "NEP." The New York firm believes its HDF process - combining hemodialysis with hemofiltration - removes more blood impurities, including larger toxins, than currently available extracorporeal renal replacement therapies. Nephros expects 510(k) clearance by Q1 2006 for its OLpur H2H add-on module to convert common hemodialysis machines into HDF-capable systems; a CE mark for European marketing is expected in Q2 2005. The module would allow use of the firm'sOLpurMD190 dialyzer component, expected to gain 510(k) go-ahead by year-end; U.S. marketing will await OLpur H2H clearance. The firm's OLpur NS2000 stand-alone HDF system also is expected to gain FDA and European market go-ahead in 2006. Using the firm's Mid-Dilution Diafiltration technology, the HDF systems will address a worldwide ESRD market of 1.6 mil. patients, expanding at 6%-7% annually. No sales have been recognized to date. Underwriters Shemano Group and National Securities Corp. hold an over-allotment option for 315,000 additional shares...

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