WORLD HEART CORPORATION COMPLETES SALE OF COMMON SHARES
OTTAWA, ON, Canada, March 17 /CNW/ - World Heart Corporation
(``WorldHeart' or the ``Corporation') announced today that it has completed
the previously announced sale of 800,000 Common Shares by the Corporation.
The underwriters have exercised their option to acquire an additional 50,000
Common Shares to cover over-allotments. The issue was priced at Cdn $19.50
per Common Share, for total net proceeds after underwriting commissions and
discounts of $15,331,875.
The underwriting syndicate for the offering is led by Yorkton Securities
Inc., and includes First Associates Investments Inc.
The net proceeds of the offering will be used for clinical trials,
commercialization and related corporate development.
The Common Shares in this offering have not been, and will not be
registered under the United States Securities Act of 1933, as amended, (the
``Act') and may not be sold or offered for sale in the United States or
otherwise distributed in the United States unless they are registered under
the Act or an exemption therefrom is available.
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 to
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 harbor 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 Corporation'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 Corporation'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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