Navigation Links
WorldHeart Reports an Event of Default Under the Note Issued to Abiomed, Resignation of One of Its Board of Directors, and Results of Shareholder Vote at Its Annual Shareholders' Meeting
Date:5/9/2008

OAKLAND, Calif., May 9 /PRNewswire-FirstCall/ -- (Nasdaq: WHRT, TSX: WHT) Since January 2008, World Heart Corporation (the "Company") has aggressively pursued various financing alternatives to raise additional capital, including through equity financing transactions and corporate collaborations, in order to continue operations. At April 30, 2008, the Company had cash and cash equivalents of approximately $0.5 million and current liabilities of approximately $2.6 million. On May 2, 2008, the Company learned that its potential primary investor may not be able to give its assurance of commitment to allow the Company to access capital to meet current financing needs. This information resulted in the Company making the determination that its available cash would be insufficient to pay the Company's obligations as they become due, which constitutes an event of default under the Company's secured convertible promissory note in the amount of $5.0 million issued on December 11, 2007 to Abiomed, Inc. This event of default under the note results in the outstanding principal balance of the note, together with accrued but unpaid interest and any other amounts owing under the Abiomed note documents, becoming immediately due and payable to Abiomed. The note is secured by security agreements entered into by the Company and the Company's wholly-owned subsidiary, World Heart, Inc. ("WHI"), in favor of Abiomed, that grant a security interest in all of their respective assets. Abiomed could exercise its remedies under law and under the security agreements, including foreclosing on the assets of the Company and WHI. An event of default also permits Abiomed to terminate the clinical and marketing support services agreement.

The Company has an immediate need for additional capital in order to satisfy its obligations and to continue operations. The Company continues to aggressively pursue various financing alternatives but its efforts to raise additional capital have not been
'/>"/>

SOURCE World Heart Corporation
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3 4

Related biology technology :

1. WorldHeart 10-KSB Audit Report Includes Going Concern Qualification
2. WorldHeart Schedules Teleconference
3. Cardium Reports on First Quarter 2008 Highlights and Financial Results
4. Novavax Reports First Quarter 2008 Financial Results
5. Warner Chilcott Reports Operating Results for the Quarter ended March 31, 2008 and Updates 2008 Full Year Guidance
6. Biodel Inc. Reports Second Quarter Fiscal Year 2008 Financial Results
7. Pharmos Corporation Reports 2008 First Quarter Results
8. Halozyme Therapeutics Reports 2008 First Quarter Financial Results
9. Nuvelo Reports First Quarter 2008 Financial Results and Updated Outlook for 2008
10. Favrille Reports First Quarter 2008 Financial Results
11. Barr Reports First Quarter 2008 GAAP Earnings of $0.21 Per Share; Adjusted Earnings of $0.57 Per Share
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/26/2015)... - iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) ... quarter ended June 30, 2015. Amounts, unless specified ... under International Financial Reporting Standards ("IFRS"). ... Oral Amp B program, rapidly advancing towards the ... Rae , President & CEO of iCo Therapeutics. "We ...
(Date:8/26/2015)... 26, 2015  The Diabetes Research Institute (DRI), ... Miami Miller School of Medicine, announced today that ... test for the first time a novel transplant ... FDA approved Phase I/II study builds upon decades ... an important first step toward the development of ...
(Date:8/26/2015)... BEIJING , August 26, 2015 ... Acheivements  DiaCardio wins 1 st place  ... competition, led in Israel by venture capital ... from countries including the US, China , ... Latin America .  Impressive achievement for the ...
(Date:8/26/2015)... August 26, 2015 Despite ... fueling the optimism in biotech,s forecast is the ... life sciences advancements.  Active biotechnology & healthcare companies ... Inc. (OTCQB: PBIO), Sequenom, Inc. (NASDAQ: SQNM ... Raptor Pharmaceutical Corp. (NASDAQ: RPTP ) and ...
Breaking Biology Technology:iCo Therapeutics Announces Second Quarter 2015 Financial Results 2iCo Therapeutics Announces Second Quarter 2015 Financial Results 3Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 2Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 3Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 4Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015 2Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015 3Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015 4Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015 5Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015 6New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 2New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 3New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 4New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 5New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 6New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 7
... Microtest Laboratories ( www.microtestlabs.com ... to expand its position as a proven, one-stop provider ... services for manufacturers of medical devices or pharmaceuticals.Microtest ... ensure regulatory compliance as well as to achieve greater ...
... Corporation (Pink Sheets: MNCN), an innovative, global wellness solutions ... group (BPS), operating under the MPS-BioPharm name (MPS), received ... (ABP) to utilize MPS, Equity by ... for fit and purpose related to design, constructability and ...
... April 22 /PRNewswire-Asia/ -- Jiangsu,government,s China Medical City ... ) broke ground on the 20,000 square-meter ... Base,(NBPD). This facility will house China,s first ... stem cell bank. , ...
Cached Biology Technology:Microtest Labs Expands Clean Room, Contamination Testing Services 2Microtest Labs Expands Clean Room, Contamination Testing Services 3Microtest Labs Expands Clean Room, Contamination Testing Services 4Mach One BioPharm Process Operating Group Receives Contract From American Beef Processors 2Mach One BioPharm Process Operating Group Receives Contract From American Beef Processors 3China Breaks Ground on Largest Comprehensive Stem Cell Storage and Processing Facility 2China Breaks Ground on Largest Comprehensive Stem Cell Storage and Processing Facility 3
(Date:8/18/2015)... -- Research and Markets ( http://www.researchandmarkets.com/research/9dmm6l/global_biometric ) has ... Authentication & Identification Market: Focus On Modality, Motility ... report to their offering. The ... expected to grow at an estimated CAGR of ... $25 billion (approximately) by 2020 as per the ...
(Date:8/12/2015)... , Aug. 12, 2015  Synaptics Inc. ... human interface solutions, today announced that four of ... Match-in-Sensor solution, have officially been named FIDO Certified™ ... part of the certification, Synaptics, Natural ID™ fingerprint ... Universal Authentication Framework (UAF) standard and are interoperable ...
(Date:8/6/2015)... Germany , August 6, 2015 /PRNewswire/ ... SensoMotoric Instruments (SMI) shows the world,s first ... based on Epson,s Moverio BT-200 see-through head mounted display ... new solution, unprecedented quality and efficiency is brought to ... displays. For the first time, professionals and researchers can ...
Breaking Biology News(10 mins):Global Biometric Authentication & Identification Market 2015: Focus On Modality, Motility & Application - Estimation & Forecasts to 2020 for the $25 Billion Industry 2Synaptics Announces FIDO Certification of Natural ID Fingerprint Solutions 2Synaptics Announces FIDO Certification of Natural ID Fingerprint Solutions 3SMI Shows First Eye Tracking Upgrade for Augmented Reality Glasses 2SMI Shows First Eye Tracking Upgrade for Augmented Reality Glasses 3
... early step toward new treatments for people with osteoporosis, scientists ... can help male mice produce healthier bones. Interestingly, the ... in the Journal of Cellular Physiology . "We ... though it,s unclear exactly why," said lead author Laura McCabe, ...
... motor that propels archaea has been characterized for the ... U.S. Department of Energy,s Lawrence Berkeley National Laboratory (Berkeley ... Microbiology. The motility structure of this third ... a whip-like filament that, like the well-studied bacterial flagellum, ...
... ARBORUniversity of Michigan environmental scientist Joel D. Blum has ... the Geochemical Society for the development and application of ... behavior of mercury in the environment. The Patterson ... significance in the field of environmental geochemistry. It is ...
Cached Biology News:Building healthy bones takes guts 2Revealing the secrets of motility in archaea 2Revealing the secrets of motility in archaea 3Revealing the secrets of motility in archaea 4Revealing the secrets of motility in archaea 5U-M environmental scientist Joel Blum wins 2013 Patterson Award for research on mercury 2U-M environmental scientist Joel Blum wins 2013 Patterson Award for research on mercury 3
Request Info...
... Xcell microbial system, 100 to 240 ... electroporation of bacterial and fungal cells. ... PC module for exponential decay delivery, ... (5 each of 0.1 and 0.2 ...
... Species Tissue Array (MSTA) slides were designed to ... tissues from multiple species. Tissue slices from ... slide which can then be treated as a ... in situ hybridization. This format ...
... used to predict the melting ... up to 3,200 bases, which ... primers and GC clamps for ... gel electrophoresis (DGGE), constant denaturing ...
Biology Products: