SALT LAKE CITY, March 1 /PRNewswire-FirstCall/ -- - World Heart Corporation, a developer of mechanical circulatory systems, today reported the net loss for the year ended December 31, 2009 of $16.7 million, or a $1.26 loss per basic and diluted share, compared to a $25.3 million net loss, or a $4.37 loss per basic and diluted share in 2008. The decrease was primarily the result of one-time, non-cash clinical and marketing expenses of $6.5 million and one-time debt inducement expense of $3.9 million that we recognized in 2008 related to warrants issued to a strategic partner and the subsequent conversion of debt to common stock. The decrease in clinical and marketing expenses and the debt inducement expense in 2009 was offset by increases in research and development expenses as well as selling, general and administrative expenses. These increased costs are associated with the preparation for the Levacor(TM) VAD Bridge-to-Transplant (BTT) clinical study which received unconditional approval from the U.S. Food and Drug Administration in January 2010.
At December 31, 2009 our balance sheet reflected $6.1 million in cash, cash equivalents and marketable investment securities, which is exclusive of the $7.1 million in net proceeds from the January 2010 private placement. This compares to $20.7 million in cash and cash equivalents at December 31, 2008.
WorldHeart is a developer of mechanical circulatory support systems headquartered in Salt Lake City, Utah. World Heart's registered office is in Delaware, USA.
CONTACT: Mr. Morgan R. Brown, Executive Vice President and Chief Financial
Officer of World Heart Corporation, +1-801-303-4361
Web site: http://www.worldheart.com/