Don: I got that Garguilo Group report on World Heart. Here's the latest press release...
Friday March 7 11:29 AM EDT
World Heart Corporation Announces Year-End Results
OTTAWA, Ontario, Canada, Mar. 7 /CNW-PRN/ - World Heart Corporation
(NASDAQ: WHRTF, CDN: WHRT) today announced financial results for the
1996 fiscal period, which ended on December 31, 1996. World Heart
Corporation (WorldHeart) was incorporated on April 1, 1996 and the results are for the initial nine months of operations. All financial figures are expressed in Canadian dollars. During 1996, WorldHeart completed a private placement which raised gross proceeds of $1,650,000 as well as an initial public offering in the Province of Ontario, Canada and in the United States, which raised gross proceeds of $18,700,000. The company had no revenues in 1996, and as planned reported a net loss of $2,582,230 for the 1996 fiscal period, or $0.35 per share. The HeartSaver VAD, the company's initial focus and product, is undergoing in vitro and in vivo (animal) testing with respect to design specifications, which are expected to be completed by the end of the second quarter of 1997. The HeartSaver VAD is the first pulsatile ventricular assist device (VAD) designed to be permanently implanted in the chest cavity, alongside the natural heart, and remotely powered and monitored. Pilot plant production of prototype units is expected to commence by the end of the fourth quarter of 1997 with long-term in vivo (animal) testing beginning at
that time. Clinical trials are scheduled for 1999. Financial resources provided by share issues during 1996 are expected to fund requirements through 1998. ``We are pleased with the progress the company is making in preparing the HeartSaver VAD for commercialization. Research and development continues to be on schedule,'' said Rod Bryden, WorldHeart's Chairman and CEO. WorldHeart is a medical devices business focused initially on the development and commercialization of artificial heart and related technologies under development at the Cardiovascular Devices Division of the Ottawa Heart Institute Research Corporation, a not-for-profit research affiliate of the University of Ottawa Heart Institute. WorldHeart is a public company whose stock trades on the NASDAQ SmallCap Market (ticker symbol: WHRTF) and the Canadian Dealing Network (ticker symbol: WHRT).
Dan |
