WorldHeart announces completion of private placement

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 $25.3 million. Proceeds from the private placement are expected to be used for general corporate and working capital purposes.

WorldHeart issued an aggregate of 11,850,118 newly-issued shares of common stock and warrants to purchase up to 11,850,118 additional shares of common stock. The financing included existing investors, Special Situations Funds, Venrock and New Leaf Venture Partners, and several new investors. Lazard Capital Markets LLC and Wedbush PacGrow Life Sciences acted as placement agents in 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 30 days after closing.