World Heart Corporation Announces Results for the Third Quarter
OTTAWA, Ontario, Canada, Oct. 27 /CNW/ - World Heart Corporation
(''WorldHeart'' or the ''Corporation'') today announced results for the third
quarter of fiscal 1998, which ended on September 30th. All financial figures
are expressed in Canadian dollars and are prepared according to generally
accepted accounting principles in Canada.
The Corporation reported its first commercial net revenues of $19,062,
arising from the initial sales of Transcutaneous Energy Transfer systems for
research and development use by an international medical devices company. Net
loss for the quarter was $793,898 or $.07 per share, compared with $2,524,189
or $.25 per share for the same quarter in 1997. Net loss for the nine months
ended September 30, 1998 was $2,563,765 or $.24 per share, compared with
$7,360,426 or $.73 per share for the corresponding period in 1997. The
reduced loss for the nine month period reflects research and development
expenses of $699,484 or $.06 per share compared with $5,884,113 or $.58 per
share for the same period in 1997. The reduction in research and development
expense reflects continued benefit from payments made in 1997 by WorldHeart to
our third party research contractor, the University of Ottawa Heart Institute.
Research and development expenses will continue to benefit from similar
reductions for the balance of 1998.
Total cash resources were $15,694,230 compared with $7,032,880 at the end
of the third quarter of 1997. Funds on hand are expected to meet the
Corporation's requirements, including clinical trials, to the end of 2000.
WORLD HEART CORPORATION ANNOUNCES RESULTS FOR THE THIRD QUARTER/2
HEARTSAVERvad(TM) is a pulsatile ventricular assist device that will be
fully implantable in the chest, alongside the natural heart and remotely
powered and monitored. The Corporation achieved its forecast milestones for
the quarter, in its program to bring HEARTSAVERvad(TM) to market. Progress
continued to be consistent with first human implant in late 1999.
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 University of Ottawa
Heart Institute Research Corporation, an affiliate of the University of Ottawa
Heart Institute. WorldHeart is a public company whose stock trades on The
Toronto Stock Exchange (ticker symbol: WHT) and the NASDAQ SmallCap Market
(ticker symbol: WHRTF).
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.
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For further information: Sandy Armstrong, Media and Public Relations,
World Heart Corporation, Tel.: (613) 226-4278, Fax: (613) 226-4744, E-mail:
sarmstrong@worldheart.com
newswire.ca
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