FYI
Posted Friday January 5, 2001
World Heart reaches milestones
By Jeff Jedras, Ottawa Business Journal
Ottawa’s World Heart Corp. reached a crucial milestone when the longest worldwide user of its Novacor heart assist technology recently received a transplant, the company announced Friday. It also announced the completion of chronic animal testing of its HeartSaver device.
The company said that in December a four-year user of its Novacor left ventricular device got a donor heart transplant. This is the longest time that any recipient has lived with continuous support from a heart assist device. Patients that need such devices usually have a one-year life expectancy.
The device works primarily as a short-term bridge for a recipient awaiting a transplant by providing support for the patient even outside of the hospital for months.
World Heart also announced that pre-clinical trials of its HeartSaver heart assist device are expected to start during the first quarter and be completed to support Canadian clinical trials within the second half of this year. Chronic animal trials of the heart assist device were completed in December.
The company's stock has outpaced the rest of the local market on Wednesday and Thursday, closing up 33% on Thursday from its close in 2000. The next biggest gainer was Entrust Technologies, at 20%.
The stock is trading down two percent on the TSE Friday, sliding 25 cents to $12.00.
The company had not issued any news until Friday. Reached for comment on Wednesday, a company spokeswoman said there was no news to explain the sharp rise, adding that the stock was following the same upward trend in January that has occurred during the past two years.
World Heart acquired the Novacor technology from Edwards Lifesciences LLC in June 2000. This year, it was implanted in 120 patients in Canada, Europe, the U.S., Japan and other countries.
Within existing approvals, World Heart says it expects modest growth in revenues from Novacor in 2001, and an increased rate of growth following the successful completion of the current trials.
"We are looking forward to a breakthrough year for WorldHeart in 2001 as we begin clinical use of HeartSaver and expand the sales of Novacor," said president and CEO Rod Bryden.
WorldHeart said it ended 2000 with cash resources to fund operations into 2002, and with cash and short-term investments totaling approximately $46 million. The company's final year-end results will be published in late February.
ottawabusinessjournal.com
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