FRAMINGHAM, Mass., Jan. 28, 2016 /PRNewswire/ -- HeartWare
International, Inc. (NASDAQ: HTWR), a leading innovator of
less-invasive, miniaturized circulatory support technologies that
are revolutionizing the treatment of advanced heart failure, and
Valtech Cardio, Ltd., a privately held developer of mitral and
tricuspid valve repair and replacement technologies, today
announced the termination of HeartWare's proposed acquisition of
Valtech.
"HeartWare's decision last fall to acquire Valtech represented a
unique opportunity to bring together two, complementary portfolios
for substantial, high-growth markets and create a broad technology
pipeline for the treatment of patients with heart failure," said
Doug Godshall, President and Chief
Executive Officer of HeartWare. "While we continue to believe
Valtech's portfolio of mitral and tricuspid interventional tools
holds tremendous promise, HeartWare finds itself in a different set
of circumstances than when we first entered into the
agreement."
"Our focus in the coming months will be on returning the
MVAD® System to the clinic, further enhancing the
HVAD® System, particularly in light of our plan to
submit for the Destination Therapy indication for HVAD in the
middle of this year, and progressing our
innovative circulatory support pipeline," added Mr.
Godshall. "By stepping away from the acquisition, all of our
resources will be dedicated to strengthening our existing business
to put the company in the best position to take advantage of the
significant opportunities within our ventricular assist device
(VAD) portfolio. We recognize from our discussions with
shareholders over the past several weeks that they, too, share our
enthusiasm for the strength of our core VAD franchise, and we look
forward to realizing this value together."
"This decision does not, in any way, reflect a lack of
enthusiasm for Valtech or the mitral and tricuspid valve
opportunities, and we wish Valtech all the best in advancing their
company to the next level," concluded Mr. Godshall.
Pursuant to the terms of the agreement, HeartWare will make a
$30 million loan to Valtech in the
form of a convertible promissory note.
About HeartWare International
HeartWare International
develops and manufactures miniaturized implantable heart pumps, or
ventricular assist devices, to treat patients suffering from
advanced heart failure. The HeartWare® Ventricular
Assist System features the HVAD® pump, a small
full-support circulatory assist device designed to be implanted
next to the heart, avoiding the abdominal surgery generally
required to implant competing devices. The HeartWare System is
approved in the United States for
the intended use as a bridge to cardiac transplantation in patients
who are at risk of death from refractory end-stage left ventricular
heart failure, has received CE Marking in the European Union and
has been used to treat patients in 47 countries. The device is also
currently the subject of a U.S. clinical trial for destination
therapy. For additional information, please visit
www.heartware.com.
HeartWare International, Inc. is a member of the Russell
2000®, and its securities are publicly traded on The
NASDAQ Stock Market.
HEARTWARE, HVAD, MVAD, PAL, SYNERGY, CIRCULITE and HeartWare
logos are registered trademarks of HeartWare, Inc.
Forward-Looking Statements
This announcement
contains forward-looking statements that are based on management's
beliefs, assumptions and expectations and on information currently
available to management. All statements that address operating
performance, events or developments that we expect or anticipate
will occur in the future are forward-looking statements, including
without limitation our expectations with respect to the:
commercialization of the HeartWare HVAD System and clinical
evaluation of the MVAD System; timing, progress and outcomes of
clinical trials; regulatory submissions and quality compliance;
investigation, research and development activities; and our ability
to take advantage of pipeline technology. Management believes that
these forward-looking statements are reasonable as and when made.
However, you should not place undue reliance on forward-looking
statements because they speak only as of the date when made.
HeartWare does not assume any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by federal securities laws and the rules and regulations of the
Securities and Exchange Commission (SEC). HeartWare may not
actually achieve the plans, projections or expectations disclosed
in forward-looking statements, and actual results, developments or
events could differ materially from those disclosed in the
forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties, including without
limitation those described in Part I, Item 1A. "Risk Factors" in
HeartWare's Annual Report on Form 10-K filed with the SEC.
HeartWare may update risk factors from time to time in Part II,
Item 1A. "Risk Factors" in Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, or other filings with the SEC.
For additional information:
Christopher Taylor
HeartWare International, Inc.
Email: ctaylor@heartware.com
Phone: +1 508 739 0864
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SOURCE HeartWare International, Inc.