WorldHeart Participates in NIH Award for Further Development of a Miniaturized MagLev VAD
February 04 2010 - 3:56PM
PR Newswire (US)
SALT LAKE CITY, Feb. 4 /PRNewswire-FirstCall/ -- ("WorldHeart")
(NASDAQ: WHRT) - World Heart Corporation ("WorldHeart") announced
today that it was part of a consortium awarded a $5.6 million,
4-year contract by the National Institutes of Health (NIH) to
further develop the PediaFlow(TM) VAD to clinical trial readiness.
The PediaFlow VAD, a miniaturized implantable fully magnetically
levitated blood pump, is intended for neonates and infants. It has
evolved significantly through design and development with funding
from a previous NIH contract, and supplemental funding and
technology contributions from WorldHeart. This device is now
approximately the size of a AA battery and was successfully
evaluated in a multi-month animal experiment in 2009. Led by the
University of Pittsburgh, the consortium, one of four NIH award
recipients nationwide, consists of Carnegie-Mellon University of
Pittsburgh PA, LaunchPoint Technologies of Goleta CA, and
WorldHeart. Dr. Harvey Borovetz, the Principal Investigator of the
consortium, and Distinguished Professor and Chairman at the
Department of Bioengineering at the University of Pittsburgh
commented, "We are honored that the PediaFlow VAD and our
consortium have been recognized by NIH, as well as our clinical and
scientific peers, for our advances and the capability of this
potentially revolutionary blood pump technology. We have
demonstrated significant technical progress over the last five
years. We are very pleased to again partner with WorldHeart. We
have a long and professionally productive relationship with
WorldHeart in both PediaFlow VAD and Levacor(TM) VAD development."
WorldHeart's role is that of an industrial partner, focusing on
device design finalization, testing, manufacturing, regulatory and
clinical affairs. Mr. Alex Martin, WorldHeart's CEO, added that
"While WorldHeart continues to focus on the ramp-up of its recently
initiated Bridge-to-Transplant (BTT) US trial of the Levacor VAD,
this competitive NIH award allows us to further the development of
our miniaturized magnetically levitated blood pump platform, which
includes not only the PediaFlow VAD but also the MiVAD(TM)." The
MiVAD is designed to provide partial cardiac support between 2-4
liters per minute to less sick cardiac patients than those served
by existing full-support Left Ventricular Assist Devices (LVADs).
The MiVAD is designed to be implanted using minimally invasive
surgical techniques. WorldHeart secured the exclusive intellectual
property rights to the PediaFlow VAD and MIVAD technologies in
2009. About World Heart Corporation WorldHeart is a developer of
mechanical circulatory support systems and is headquartered in Salt
Lake City, Utah. WorldHeart's registered office is in Delaware,
USA. Any forward-looking statements in this release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and include all statements relating
to the advancement of WorldHeart's clinical development programs,
including the development of PediaFlowVAD and MiVAD, the potential
clinical benefits of the Levacor VAD, PediaFlow VAD and MiVAD,
bridge-to-transplant clinical study of Levacor VAD, and the growth
of WorldHeart's overall business, as well as other statements that
can be identified by the use of forward-looking language, such as
"believes," "feels," "expects," "may," "will," "should," "seeks,"
"plans," "anticipates," or "intends" or the negative of those
terms, or by discussions of strategy or intentions. Investors are
cautioned that all forward-looking statements involve risk and
uncertainties, including without limitation: successful development
of PediaFlow VAD and MiVAD, risks involved in the clinical trials
of the Levacor VAD, WorldHeart's need for additional capital in the
future; risks in product development, regulatory approvals and
market acceptance of and demand for WorldHeart's products;
commercialization of new technologies in the area of
miniaturization of magnetically levitated blood pumps; and other
risks detailed in WorldHeart's filings with the U.S. Securities and
Exchange Commission, including without limitation its Annual Report
on Form 10-K for the year ended December 31, 2008 and its Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2009 , June
30, 2009, and September 30, 2009. http://www.worldheart.com/
DATASOURCE: World Heart Corporation CONTACT: Mr. Morgan Brown of
World Heart Corporation, +1-801-303-4361 Web Site:
http://www.worldheart.com/
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