DANVERS, Mass.--(BUSINESS WIRE)--ABIOMED, Inc. (NASDAQ: ABMD) (“Abiomed”) today announced the closing of the transactions contemplated by the Recapitalization Agreement dated June 20, 2008, as amended on July 31, 2008, among World Heart Corporation (“WorldHeart”), World Heart Inc. (“WHI”), Venrock Partners V, L.P., Venrock Associates V, L.P., Venrock Entrepreneurs Fund V, L.P., Special Situations Fund III QP LP, Special Situations Cayman Fund, L.P., Special Situations Private Equity Fund, L.P., Special Situations Life Sciences Fund, L.P., Austin Marxe and New Leaf Ventures II, L.P. As a result of the transaction, Abiomed has acquired beneficial ownership of approximately 86,000,000 common shares of WorldHeart, which represents approximately 21.6% of WorldHeart’s issued and outstanding common shares following the transaction. The shares were acquired as a result of Abiomed’s conversion of the full amount of principal and interest owed on the US$5,000,000 8% Secured Convertible Promissory Note previously issued to Abiomed by WorldHeart and WHI, Abiomed’s release of the security interest in all of the assets of WorldHeart and WHI that secured the Note, termination of the warrant Abiomed held to purchase 3,400,000 common shares of WorldHeart, and forgiveness of other amounts owed to Abiomed by WorldHeart.
Abiomed does not currently intend to acquire ownership of, or control over additional securities of WorldHeart.
A copy of the report required to be filed by Abiomed under securities legislation in respect of the acquisition will be available at www.sedar.com.
ABOUT ABIOMED
Based in Danvers, Massachusetts, Abiomed, Inc., is a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Our products are designed to enable the heart to rest, heal and recover by improving blood flow and/or performing the pumping of the heart. For additional information please visit: www.abiomed.com.
FORWARD-LOOKING STATEMENTS
This Release contains forward-looking statements, including statements regarding development of Abiomed’s existing and new products, the Company’s progress toward commercial growth, and future opportunities and expected regulatory approvals. The Company’s actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals, including the risk that the Company may not receive 510(k) clearance of its Impella 2.5, anticipated future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, future capital needs and uncertainty of additional financing, and other risks and challenges detailed in the Company’s filings with the Securities and Exchange Commission, including the Annual Report filed on Form 10-K. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this Release or to reflect the occurrence of unanticipated events.
Contacts
Abiomed, Inc. Daniel J. Sutherby, 978-777-5410 Chief Financial Officer ir@abiomed.com
