Thursday, October 14, 2010
World Heart Corp. to Raise $25.3 Million in Private Placement
SALT LAKE CITY, Oct 14, 2010 - World Heart Corporation (WorldHeart) (WHRT 2.05, 0.00, 0.00%) , a developer of mechanical circulatory systems, announced today that it has obtained commitments from certain new and existing institutional investors, including Venrock Associates, New Leaf Venture Partners and the Special Situations Funds, to purchase approximately $25.3 million of its common stock in a private placement. WorldHeart has entered into a securities purchase agreement with the investors pursuant to which WorldHeart will sell an aggregate of 11,850,118 shares of its common stock and warrants to purchase up to 11,850,118 additional shares of common stock. Each unit, consisting of one share of common stock and one warrant, to purchase one share of common stock, will be sold for a purchase price of $2.135. The private placement is subject to customary closing conditions and is expected to close during the week of October 18, 2010. Lazard Capital Markets LLC and Wedbush PacGrow Life Sciences acted as the placement agents for the offering.