OAKLAND, Calif., March 31 /PRNewswire-FirstCall/ -- World Heart Corporation , a global technology leader in mechanical circulatory support systems, in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), today announced that the Company’s independent auditors included an explanatory paragraph in the Company’s recently filed Annual Report on Form 10-KSB for the year ended December 31, 2005, relating to the Company’s ability to continue as a going concern.
As previously announced, World Heart ended 2005 with cash and cash equivalents of $10.7 million. The Company is actively exploring various financing alternatives, including equity financings and corporate collaborations. In 2005, WorldHeart management took actions to reduce costs, including consolidating operations from Ottawa, Canada, into the Oakland, California facility. Management continues to control spending and manage working capital to preserve cash.
“We continue to progress our commercialization and development programs, having met all our goals this past quarter,” said Jal S. Jassawalla, WorldHeart’s President and CEO. “Enrollment in the RELIANT clinical trial is accelerating as expected. The first human implant of our next-generation rotary pump was successfully completed earlier this month and we have started chronic animal implants with our next-generation pulsatile system. We are exploring financing alternatives and believe that we can continue to execute on our business plans, providing important, life-saving products.”
About World Heart Corporation
World Heart Corporation is a global technology leader in mechanical circulatory support systems dedicated to working with physicians to provide reliable, long-term use products and services to the broadest patient population through technology, leadership and innovation. The Company is headquartered in Oakland, California, USA with additional facilities in Salt Lake City, Utah and in Heesch, Netherlands. World Heart’s registered office is Ottawa, Ontario, Canada.
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 statements relating to the Company’s efforts to explore financing alternatives, including equity financings and corporate collaborations, and its ability to execute its business plans, as well as other statements that can be identified by the use of forward-looking language. 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 Company’s products; costs and delays associated with clinical trials; slower Destination Therapy adoption rate for VADs including the Novacor LVAS; need for additional financing and other risks detailed in the Company’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2005.
World Heart Corporation
CONTACT: Mr. Richard Juelis, +1-510-563-4713, or Ms. Peggy Allman,+1-510-563-4721, both of World Heart Corporation; or Jordan Goldstein,+1-415-439-4520, or Matt Dallas, +1-212-850-5627, both of FinancialDynamics, for World Heart Corporation
Web site: http://www.worldheart.com/
