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Thoratec Reports Second Quarter Revenue Increase of 17 Percent
Date:8/3/2011

t of our effort to advance the HeartMate II's leadership position," Burbach noted.

Burbach said the company has selected the first eight centers for a new clinical study and expects initial enrollment to occur later this fall. Called ROADMAP, or Risk Assessment and Comparative Effectiveness Of Left Ventricular Assist Device and Medical Management in Ambulatory Heart Failure Patients, this post-market study will enroll up to 200 ambulatory advanced heart failure patients who meet the HeartMate II's existing indication for DT, but who are not being referred for LVAD therapy in meaningful numbers. The primary objective of the study is to evaluate and compare the effectiveness of the HeartMate II versus the existing standard of care, Optimal Medical Management, in these patients.

During the quarter, Thoratec announced the retirement of all the outstanding Senior Subordinated Convertible Notes due 2034, through the payment of $164.4 million of cash and the issuance of 2.4 million shares of common stock.  As a result of this transaction, the company's diluted share count, which previously included 7.2 million shares attributable to the convertible debt, was reduced by 4.8 million shares.  

Separately, Thoratec today announced the acquisition of the medical business of Levitronix LLC ("Levitronix Medical").  This acquisition follows a successful strategic partnership between the two companies.  Since 2006, Thoratec has provided distribution and clinical support in the U.S. for the CentriMag® Acute Circulatory Support System, Levitronix Medical's flagship product, under an agreement that would have expired at the end of 2011.  Levitronix Medical and Thoratec have also collaborated on the development of the fully magnetically levitated motor technology employed in the HeartMate® III left ventricular assist system, which is currently in preclinical testing.  Details of this transaction can be found in a separate pre
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SOURCE Thoratec Corporation
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