Medtech Insight is part of the Informa Intelligence Division 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

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
Advertisement

Related Content

People In Brief
People In Brief
People In Brief
People In Brief
Financings In Brief
Abiomed Invests In Long-Term LVAD Support With WorldHeart
Abiomed Invests In Long-Term LVAD Support With WorldHeart
Stem Cell Therapy Needs More Than Just The Cells: Device Firms See Opening
Advertisement
UsernamePublicRestriction

Register

MT026437

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