SALT LAKE CITY, Jan. 26 World Heart Corporation ("WorldHeart"; Nasdaq: WHRT), a developer of mechanical circulatory systems, announced today that it has completed its previously announced private placement of common stock and warrants to purchase common stock. Gross proceeds from the offering were approximately $7.3 million. Proceeds from the private placement are expected to be used for general corporate and working capital purposes.
WorldHeart issued an aggregate of 1,418,726 newly-issued shares of common stock and warrants to purchase up to 2,837,452 additional shares of common stock. WorldHeart expects to receive net proceeds of approximately $7.1 million after deducting offering expenses.
The financing was led by existing investors, Special Situations Funds, Venrock and New Leaf Venture Partners, and included several new investors. Thomas Weisel Partners LLC acted as Placement Agent on the private placement.
In connection with the financing, WorldHeart has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the registration of the common stock and the shares underlying the warrants acquired at closing within 60 days after closing.
This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities.
For additional information, please refer to WorldHeart's current report on Form 8-K filed with the Securities and Exchange Commission with respect to this transaction.
WorldHeart is a developer of mechanical circulatory support systems headquartered in Salt Lake City, Utah. WorldHeart's registered office is in Delaware, USA.
Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include all statements relating to the proposed use of proceeds, of the private placement, increase in shareholder value, access to investment capital, and the growth of WorldHeart's overall business, as well as other statements that can be identified by the use of forward-looking language, such as "believes," "feels," "expects," "may," "will," "should," "seeks," "plans," "anticipates," or "intends" or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: risks related to certain undertakings in connection with the private placement, WorldHeart's need for additional capital in the future; and other risks detailed in WorldHeart's filings with the U.S. Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K for the year ended December 31, 2008 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009.
SOURCE World Heart Corporation