World Heart Corporation Reaffirms Target of First Human Implant in 1999
OTTAWA, ON, CANADA, June 22 /CNW/ - World Heart Corporation
(''WorldHeart'' or the ''Corporation'') reaffirmed today that the first human
implant of the HEARTSAVERvad(TM) system is expected before the end of 1999.
The recently announced completion of a secondary offering of 1,780,548
Common Shares at a price of $16.50 per share for net proceeds to the
Corporation, after underwriting discount, of $27,616,300 ensures the
commercialization program will be adequately funded well into 2001, and well
after the targetted commencement of commercial sales.
Following completion of the current quarter on June 30, 1999 the
Corporation will announce both financial results and product development
progress as a matter of course. To date, there have been no developments
which have caused management to change its view on the targetted timing of the
first human implant in the fourth quarter of 1999.
WorldHeart is a medical devices business focused on commercialization of
artificial heart and related technologies for which worldwide rights were
acquired from the University of Ottawa Heart Institute. Continuing research
and development of these technologies is carried out under contract from
WorldHeart by the Cardiovascular Devices Division of the Ottawa Heart
Institute Research Corporation, an affiliate of the University of Ottawa Heart
Institute.
WorldHeart is a public company whose shares trade on The Toronto Stock
Exchange (ticker symbol: WHT) and the Nasdaq National Market (ticker symbol:
WHRT).
Any forward-looking statements in this release are made pursuant to the
safe harbour provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve
risk and uncertainties, including without limitation, risks in product
development and market acceptance of and demand for the Company's products,
risks of downturns in economic conditions generally, and in the medical
devices markets, risks associated with costs and delays posed by government
regulation, limitations on third party reimbursement, inability to protect
proprietary technology, potential product liability and other risks detailed
in the Company's filings with the U.S. Securities and Exchange Commission.
All financial figures are prepared in accordance with Canadian Generally
Accepted Accounting Principles (GAAP) and are expressed in Canadian dollars.
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