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Biotech / Medical : World Heart Corp - WHRT and TSE/WHT -- Ignore unavailable to you. Want to Upgrade?

To: the Chief who wrote (252)	4/26/1999 2:55:00 PM
From: Stang	Read Replies (1) \| Respond to of 500

World Heart Corporation Announces Results for the First Quarter of Fiscal 1999 OTTAWA, ON, CANADA, April 26 /CNW/ - World Heart Corporation (''WorldHeart'' or the ''Corporation'') today announced results for the first quarter of fiscal 1999, which ended on March 31. All financial figures are expressed in Canadian dollars and are prepared in accordance with generally accepted accounting principles (GAAP) in Canada. As expected, no revenues were earned in the first quarter of 1999, unchanged from the first quarter of 1998. Also as expected, the net loss for the period was $2,703,925 or $.22 per share, compared with $847,196 or $.08 per share for the first quarter of 1998. The increased loss for the period includes research and development expenses of $1,761,429 or $.14 per share compared with $222,125 or $.02 per share for the first quarter of 1998. The Corporation achieved the objectives for the quarter as set out in the recently released 1998 Annual Report to shareholders, including acute in vivo and in vitro performance tests of the HEARTSAVERvad(TM) system. The first human implant of the HEARTSAVERvad(TM) system is expected before the end of 1999. Subsequent to the quarter end, on April 13, 1999, the Corporation filed a short form preliminary prospectus under the Multi-Jurisdictional Disclosure System with the securities commissions in each of the provinces in Canada, and also filed a registration statement with the United States Securities and Exchange Commission, with respect to a primary offering by the Corporation of up to 2,000,000 Common Shares, and a secondary offering of 300,000 Common Shares by a selling shareholder. The secondary offering of Common Shares is being made by Dr. Michael C.J. Cowpland, a director of the Corporation. In addition, WorldHeart and the selling shareholder will grant the underwriters options to purchase an additional 300,000 and 45,000 Common Shares respectively to cover over-allotments. 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 Ottawa Heart Institute Research Corporation, an affiliate of the University of Ottawa Heart Institute. WorldHeart is a public company whose stock trades on the NASDAQ National Market (ticker symbol: WHRT) and The Toronto Stock Exchange (ticker symbol: WHT). Any forward-looking statements in this release are made pursuant to the safe harbor 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. newswire.ca Stang