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

To: Stang who wrote (253)	5/11/1999 11:31:00 AM
From: Dan Hamilton	Read Replies (1) \| Respond to of 500

World Heart Corporation Completes Sale of Common Shares OTTAWA, ON, Canada, May 11 /CNW/ - World Heart Corporation (''WorldHeart'' or the ''Corporation'') announced today that it has completed the previously announced sale of 1,700,000 Common Shares by the Corporation, and a secondary offering of 255,000 Common Shares by Dr. Michael C. J. Cowpland, a non-executive director of the Corporation. The issue was priced at Cdn $16.50 or U.S. $11.35 per Common Share, for net proceeds to the Corporation after underwriting commissions and discounts of Cdn $26,367,000. In addition, WorldHeart and Dr. Cowpland have granted to the underwriters options to purchase an additional 255,000 and 38,250 Common Shares respectively to cover over-allotments. The lead manager of the offering was Merrill Lynch Canada Inc. and the co-managers were ScotiaMcLeod Inc. and CIBC World Markets Inc. WorldHeart intends to use the net proceeds of this offering for continuing research and development activities, product development and commercialization, including costs of clinical trials for its HeartSaverVAD(TM) System and related commercialization activities. 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 from 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 shares trade on The Toronto Stock Exchange (ticker symbol: WHT) and the Nasdaq National Market (ticker symbol: WHRT).