World Heart Corp. completes $7.3 mn private placement to purchase common stock

World Heart Corporation ("WorldHeart"; Nasdaq: WHRT), a developer of mechanical circulatory systems, announced today that it has completed its previously announced private placement of common stock and warrants to purchase common stock. Gross proceeds from the offering were approximately $7.3 million. Proceeds from the private placement are expected to be used for general corporate and working capital purposes.

WorldHeart issued an aggregate of 1,418,726 newly-issued shares of common stock and warrants to purchase up to 2,837,452 additional shares of common stock. WorldHeart expects to receive net proceeds of approximately $7.1 million after deducting offering expenses.

The financing was led by existing investors, Special Situations Funds, Venrock and New Leaf Venture Partners, and included several new investors. Thomas Weisel Partners LLC acted as Placement Agent on the private placement.

In connection with the financing, WorldHeart has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the registration of the common stock and the shares underlying the warrants acquired at closing within 60 days after closing.

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities.