Medtech Insight is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Abiomed Invests In Long-Term LVAD Support With WorldHeart

This article was originally published in The Gray Sheet

Executive Summary

Abiomed is diversifying its ventricular assist device holdings with a $5 million strategic investment in WorldHeart, announced Dec. 12

You may also be interested in...



Financings In Brief

Abiomed acquires stake in cash-starved WorldHeart: Danvers, Mass., maker of circulatory support devices exercises its option to convert a previous $5 million loan to WorldHeart into 86 million common shares, representing 21.6% of WorldHeart's shares, Abiomed announces Aug. 1. The two firms also revised the terms of their ongoing distribution arrangement, agreeing that WorldHeart must negotiate with Abiomed before engaging any third-party distributors. Abiomed says it does not intend to acquire ownership of additional WorldHeart securities, but has offered clinical and sales assistance to the beleaguered firm (1"The Gray Sheet" Dec. 17, 2007, p. 12). Also on Aug. 1, WorldHeart announced completion of a $30 million private financing round. Subject to funding and regulatory approval, the Oakland, Calif., maker of ventricular assist devices aims to begin a pivotal trial this year for its Levacor rotary VAD. WorldHeart reported a net loss of $11.5 million on revenue of $636,000 for the quarter ended March 31. The firm is seeking a new chief financial officer to replace David Pellone, who resigned July 1

Financings In Brief

Abiomed acquires stake in cash-starved WorldHeart: Danvers, Mass., maker of circulatory support devices exercises its option to convert a previous $5 million loan to WorldHeart into 86 million common shares, representing 21.6% of WorldHeart's shares, Abiomed announces Aug. 1. The two firms also revised the terms of their ongoing distribution arrangement, agreeing that WorldHeart must negotiate with Abiomed before engaging any third-party distributors. Abiomed says it does not intend to acquire ownership of additional WorldHeart securities, but has offered clinical and sales assistance to the beleaguered firm (1"The Gray Sheet" Dec. 17, 2007, p. 12). Also on Aug. 1, WorldHeart announced completion of a $30 million private financing round. Subject to funding and regulatory approval, the Oakland, Calif., maker of ventricular assist devices aims to begin a pivotal trial this year for its Levacor rotary VAD. WorldHeart reported a net loss of $11.5 million on revenue of $636,000 for the quarter ended March 31. The firm is seeking a new chief financial officer to replace David Pellone, who resigned July 1

Financings In Brief

WorldHeart seeks to raise $30 million in stock sale: Cash-strapped maker of implantable ventricular assist devices plans to raise at least $30 million through the sale of 300 million shares of common stock by July 31 to fund continued operations, the firm says. Announced June 23, WorldHeart's planned stock sale will include investments of $10 million from venture capital firm Venrock, $9 million from private equity fund Special Situations, and other investments for which discussions are ongoing. The move is part of a broader recapitalization effort by WorldHeart that includes a $1 million bridge loan from Venrock and Special Situations, and conversion of a previous $5 million loan from Abiomed into 86 million shares of WorldHeart stock (1"The Gray Sheet" Dec. 17, 2007, p. 12). The Oakland, Calif., firm announced last month that it had only $500,000 in cash on hand and faced the possibility of bankruptcy without additional funding. In the first quarter, WorldHeart lost $11.5 million on sales of $635,996

Related Content

UsernamePublicRestriction

Register

MT025586

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel