Well, supposedly they are on track with the latest schedule...
World Heart Corporation on Track for Trials: Announces Year-End Results
OTTAWA, ON, Feb 22, 2001 /PRNewswire via COMTEX/ -- (WHRT/NASDAQ - WHT/TSE) -
World Heart Corporation (WorldHeart) today announced that it has successfully
met its production targets for HeartSaverVAD(TM) (Ventricular Assist Device) and
is on track to meet its second-half clinical trial expectations.
"At year-end 2000, the pre-clinical HeartSaverVAD was ready for production in
our manufacturing facilities in Ottawa," reported Roderick M. Bryden, President
and Chief Executive Officer of WorldHeart.
"The first pre-clinical production models were delivered to our bench test
facilities in early February and continue to perform very satisfactorily," he
continued. "Additional product is now being delivered from manufacturing and
will support long-term in vivo trials commencing in March."
"We expect in vivo trials and in vitro testing to continue through the second
and third quarters of this year, with initial clinical trials planned for the
second-half subject to Health Canada approval," Mr. Bryden stated.
World Heart Corporation also released its audited consolidated financial results
for the fiscal year ended December 31, 2000.
Commercial revenues of $4,674,485 were reported for 2000, arising from sales of
the Novacor(R) N100 LVAS that was acquired from Edwards Lifesciences LLC on June
30, 2000. Total net loss for the year was $29,854,387 or $2.01 per share on a
diluted basis, compared with a loss of $17,442,741 for 1999, or $1.30 per share
on a diluted basis. Expenses in 2000 reflected increased prototype
manufacturing, the costs of previously announced product modifications, and an
increased level of acute bench and in vivo testing. All amounts are expressed in
Canadian dollars.
The Corporation ended 2000 with higher than budgeted cash and liquid investment
grade securities of $46,547,542, compared with $25,027,354 at the end of 1999.
The Corporation has again entered a new year in a well-funded condition with
respect to all operating requirements for 2001 and into 2002.
World Heart Corporation is a global medical device company currently focused on
the development and commercialization of pulsatile ventricular assist devices.
Its Novacor(R) Left Ventricular Assist System is already well established in the
marketplace and its next generation technology, HeartSaverVAD(TM), is being
developed as a fully implantable ventricular device system for patients with
end-stage heart disease. World Heart Corporation has offices in Canada and the
United States.
WorldHeart is a public company whose stock trades on the NASDAQ National Market
(ticket symbol: WHRT) and the Toronto Stock Exchange (ticket symbol: WHT).
Note: Financial highlights follows.
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 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
World Heart Corporation Highlights of Consolidated Statement of Loss
(Audited)
(Amounts in thousands, except per share data)
Canadian Dollars
Year ended
December 31,
2000 1999
------------------------------------------------------------------------
Revenue $ 4,674 $ -
-----------------------------
Cost of goods sold (7,269) -
-----------------------------
Gross margin (2,595) -
-----------------------------
Expenses
Selling, general and administrative (6,760) 5,629
Research and development (18,396) 13,035
Amortization of intangibles (7,492) 8
-----------------------------
(32,648) 18,672
-----------------------------
Loss before other income (expenses) (35,243) (18,672)
Other income (expenses) (154) 1,229
-----------------------------
Loss before income taxes (35,397) (17,443)
Income tax recovery 5,543 -
-----------------------------
Net loss for the year $ (29,854) $ (17,443)
-----------------------------
-----------------------------
Weighted average number of 14,878,625 13,463,943
common shares outstanding -----------------------------
-----------------------------
Basic and diluted loss $ (2.01) $ (1.30)
per common share -----------------------------
-----------------------------
Highlights of Consolidated Balance Sheet (Audited)
(Amounts in thousands)
Canadian Dollars
December 31,
2000 1999
-------------------------------------------------------------------------
ASSETS
Capital assets $ 59,494 $ 25,633
Current assets $ 6,264 $ 840
Goodwill and other intangible assets 50,698 547
------------------------------
$ 116,456 $ 27,020
------------------------------
------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 8,466 $ 2,031
Future income taxes 4,829 -
Redeemable convertible preferred shares 55,212 -
Capital lease obligation 226 377
------------------------------
68,733 2,408
------------------------------
Shareholders' equity
Capital stock and paid in capital 110,704 57,739
Accumulated deficit (62,981) (33,127)
------------------------------
47,723 24,612
------------------------------
$ 116,456 $ 27,020
------------------------------
------------------------------
SOURCE World Heart Corporation
CONTACT: Shareholder and Financial Community: Ian W.
Malone, Vice-President Finance and Chief Financial Officer, Ph: 613-226-4278,
Fx: 613-723-8522, Email: ian.malone@worldheart.com; Media: Michelle
Banning, Manager Corporate Communications, Ph: 613-226-4278, Fx: 613-723-8522,
Email: michelle.Banning@worldheart.com
(WHRT WHT.)
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