Third quarter results... I think it is very interesting that they are beginning to accumulate evidence that the device can help failing hearts recover, since this would likely broaden the market substantially to the earlier stages of heart failure.
World Heart Corp -
Third quarter results
World Heart Corp
WHRT
Shares issued 0
1997-10-30 close $7
Friday Oct 31 1997
Dr Tofy Mussivand reports
As expected, World Heart had no revenues for the third quarter of 1997, ended September 30, and reported a net loss of $2,524,189 or $0.25 per share for the quarter. Net loss for nine months was $7,360,426 or $0.73. Research and development expenditures were as forecast at $2,123,300 in the third quarter and $5,884,113 for the first nine months.
Cash and cash equivalents of $7,032,880 as at September 30 1997 are expected to fund WorldHeart's requirements until early 1999, including research and development costs under WorldHeart's research contract with the cardiovascular devices division of the Ottawa Heart Institute.
Progress with respect to bringing Heartsavervad to market has continued on target with expenditures remaining within the forecasted budget.
On September 4, a 30-day in vivo trial of Heartsaver VAD was electively terminated after successfully achieving a predetermined set of experimental goals. Furthermore, it demonstrated that the device was able to recover the dysfunctional (failing) natural heart, which
had stopped as a result of fibrillation. The calf's natural heart had not responded to repeated attempts at defibrillation (resuscitation) until Heartsaver VAD was connected to the animal's natural heart. The program will now focus on the production of the preclinical version of Heartsaver VAD and completion of the required experimental trials in preparation for the first human implant in 1999.
Heartsaver VAD is a patented ventricular assist device designed to be permanently implanted in the chest cavity, alongside the natural heart, and remotely powered and monitored. Users will have no breaks in the diaphragm or the skin and will be able to return to normal activity. Clinical trials are scheduled for 1999 and full-scale commercial production is targeted for 2001.
Warning: The company relies on litigation protection for "forward-looking" statements.
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