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Biotechnology Business
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
May 31st, 2008
(NASDAQ:WHRT)(NASDAQ:TSX:)(NASDAQ: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...
Source: Law & Health Weekly (2008-05-31)
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