Better than financing, a (repayable) grant!!
World Heart Corporation Receives Investment from Technology Partnerships Canada
OTTAWA, Nov 2, 2001 /PRNewswire via COMTEX/ -- (NASDAQ:WHRT, TSE:WHT) World Heart Corporation (WorldHeart) today announced approval of a $9.98 million repayable investment from Technology Partnerships Canada (TPC) in support of prototype development and clinical trials of WorldHeart's HeartSaverVAD(TM). The left ventricular assist device is currently in the final stages of pre-clinical trials, and is scheduled to commence clinical trials during the first half of 2002.
TPC will also consider equivalent investment with WorldHeart in the next generation HeartSaverVAD(TM) II and HeartSaverVAD(TM) III.
"This project will enable countless numbers of people with congestive heart failure to enjoy longer - and better - lives," said Brian Tobin, Minister of Industry. "Importantly, it is also the kind of innovative development that fuels productivity and economic growth in Canada." David Pratt, Member of Parliament for Nepean-Carleton, added: "This is a great day for the Ottawa area. It clearly shows how government investments like this can make a real difference."
Dr. Tofy Mussivand, Chairman and Chief Scientific Officer of WorldHeart thanked the government of Canada for its support: "This investment by Industry Canada will contribute to the development of WorldHeart as a global leader in the exciting field of heart assist technology."
"Our Novacor(R) LVAS has a strong record of reliability for years of support of heart failure patients and is used by more than 90 clinics in North America and around the world," said Mussivand. "Heart assist as destination therapy is rapidly gaining acceptance, extending and improving the quality of life for heart failure patients. Our record of reliability will be important in expanding the participation of WorldHeart in this market."
"HeartSaverVAD(TM) is expected to be the world's only chest implantable pulsatile ventricular assist device, requiring no openings in the body and remotely powered, monitored and controlled," Dr. Mussivand explained. "Clinical trials of HeartSaverVAD(TM) in major markets around the world are required to allow this next generation pulsatile technology to be available as a permanent assist for patients with heart failure, building upon the experience and reputation of Novacor(R) LVAS." |
