LaunchPoint News

LaunchPoint Partner, WorldHeart, Obtains $30M

Posted on Fri, Jun 27, 2008

PediaFlow consortium member, WorldHeart Corporation, has entered into a $30M recapitalization agreement with investors. The funds, to be raised through the issuance of 300,000,000 shares of common stock, are in addition to $1M in bridge financing and the conversion of current debt obligations into common shares. The research consortium, which includes WorldHeart, LaunchPoint, University of Pittsburgh, Carnegie Mellon University, and Children's Hospital of Pittsburgh, is responsible for the development of the PediaFlowTM Pediatric Ventricular Assist Device (PVAD). PediaFlowTM, a magnetically-levitated rotary blood pump, is one of only five PVADs currently funded by a five-year NIH program seeking reliable circulatory support for infants and children under the age of two years.

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