OAKLAND, Calif., March 30 /PRNewswire-FirstCall/ -- World Heart Corporation , a developer of 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, 2006, relating to the Company’s ability to continue as a going concern.
WorldHeart ended 2006 with cash and cash equivalents of $12.2 million, compared with $10.7 million at year-end 2005. The Company completed a $14.1 million private placement with existing and new investors during the fourth quarter of 2006. In conjunction with the financing, the Company restructured its operations to reduce operating expenses and realigned resources toward development of the Company’s next-generation products. Management continues to control spending and manage working capital to preserve cash.
“WorldHeart will continue to focus its energies on the final development, evaluation, regulatory approval and commercialization of our next-generation Levacor Rotary VAD,” said Jal S. Jassawalla, President and Chief Executive Officer of WorldHeart. “We expect to initiate clinical use of the Levacor(TM) Rotary VAD in Canada in the near-term and start a U.S. feasibility trial in the latter half of 2007. We look forward to continuing to execute on our business plans, providing important, life-saving products.”
About WorldHeart
World Heart Corporation is a developer of mechanical circulatory support systems with leading next-generation technologies, headquartered in Oakland, California, with additional facilities in Salt Lake City, Utah and in Heesch, Netherlands. WorldHeart’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 focus on the development of its next-generation Levacor Rotary VAD and the timing and scope of the additional clinical trials, and the Company’s 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; need for significant additional financing; progress and timing, associated with clinical trials, particularly its Levacor Rotary VAD product; slower Destination Therapy adoption rate for VADs 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, 2006.
World Heart Corporation
CONTACT: Mr. Richard Juelis, +1-510-563-4713, or Ms. Peggy Allman+1-510-563-4721, both of World Heart Corporation
Web site: http://www.worldheart.com//
