Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
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