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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

HeartWare raises $55 million in wake of failed Thoratec merger: Ventricular-assist device maker HeartWare raises $55 million in a private placement of 2.5 million common stock shares at $22 each, announced Aug. 10. The funds will help sustain development efforts for the firm's HeartWare Ventricular Assist System with HVAD pump in the wake of Thoratec's failed bid to acquire the company for $282 million. Thoratec pulled out of the deal July 31 after the Federal Trade Commission raised antitrust concerns (1"The Gray Sheet" Aug. 3, 2009). Headquartered in Sydney, Australia, and Framingham, Mass., HeartWare will use the proceeds from the private placement "for the furtherance of its clinical and commercial roll-out of the HeartWare HVAD and its pipeline of future pumps," the company says in a filing with the Securities and Exchange Commission. The system received CE mark approval in Europe for bridge-to-transplant therapy in January; a 150-patient U.S. trial is ongoing for the same indication (2"The Gray Sheet" Feb. 16, 2009)
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