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World Heart Corp is traded on the Nasdaq National Market (WHRT), and the Toronto Stock Exchange (WHT). The web site is worldheart.com. World Heart has commenced "in vivo" testing of its HeartSaver Ventricular Assist Device (VAD). A VAD is an artificial heart which can, without replacing the heart, either assist or assume the heart's natural pumping function. The current estimates for the global patient pool for this type of device are about 70,000 per year. At an average $50,000 U.S. cost per VAD, this translates into a $3.5 billion per year market. Current treatments for heart failure are primarily medication and heart transplantation. Medication can provide symptomatic relief for some patients but often have side effects, and the supply of hearts for transplants is limited to about 3,000. The HeartSaver appears to be the technical leader in all respects, since it is capable of being remotely powered (no wires perforating the skin), monitored and controlled, and totally implantable in the chest cavity. It uses a patented transcutaneous energy transfer (TET) system and a biotelemetry data transfer system which allows the VAD to be remotely controlled and monitored. There appears to be only two other competitors, both of whom are already in clinical trials: Thermo Cardiosystems and Novacor Division of Baxter Healthcare Corp. Both of their VADs are heavier and are designed to be implanted in the abdomen, and have either power leads and/or venting tubes which perforate the patients' exterior protective skin tissue (consequently, they are not totally implantable). The market cap for Thermo is currently a staggering $1.025 Billion U.S., while the market cap for World Heart Corp is approximately $50 million. The major shareholders of World Heart include its CEO, Rod Bryden (founder of SHL Systemhouse and Paperboard Industries), Michael Cowpland, President and CEO of Corel Corp, Dr. Tofy Mussivand, the HeartSavers principal inventor, and the Ottawa Heart Institute Research Corporation, where the HeartSaver was developed. The Director of the Ottawa Heart Institute is Dr. Wilbert Keon, one of the world's leading heart surgeons. This is not a microcap "basement operation" by any stretch. The project has already received $18 million U.S. in government funding, with another $4 million already approved. Sixteen R&D personnel are working on the HeartSaver full time. Rod Bryden's two companies which he started from scratch were worth $1.0 billion U.S. in 1991 when he stepped down as CEO and became chairman of SC Stormont Company, a financial advisory company. Says Bryden, "I have never seen a product with the competitive advantage HeartSaver has. This is by far the best commercial opportunity I've ever been presented with. Bar none." Commencement of full clinical trials for the HeartSaver VAD is expected in 1999, and full scale commercial production in 2001. World Heart went public in December, 1996. I think this baby has only one way to go - way uuupppp! | ||||||||||||||
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