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World Heart plans to raise $25.3M for ventricular assist devices

World Heart Corp. (NASDAQ:WHRT) is planning to raise $25.3 million from a private sale of warrants, according to a federal Securities & Exchange Commission filing. The Salt Lake City-based developer of ventricular-assist pumps, including one for infants, said it obtained commitments from new and existing institutional investors to purchase common stock in a private placement. […]

World Heart Corp. (NASDAQ:WHRT) is planning to raise $25.3 million from a private sale of warrants, according to a federal Securities & Exchange Commission filing.

The Salt Lake City-based developer of ventricular-assist pumps, including one for infants, said it obtained commitments from new and existing institutional investors to purchase common stock in a private placement. The investors include Venrock Associates, New Leaf Venture Partners and the Special Situations Funds, each of which have representatives on World Heart’s board.

The warrants will be exercisable at $2.31 per share, equal to 115 percent of the Oct. 13 closing bid price of the common stock, according to the filing.

Proceeds from the private placement are expected to be used for general corporate and working capital purposes, according to the company.

The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.

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