WorldHeart reports 'going concern' comment
World Heart (Oakland, California), a developer of mechanical circulatory support systems, reported that the company's independent auditors have issued a going concern statement in its annual report.
WorldHeart ended 2006 with cash and cash equivalents of $12.2 million, compared with $10.7 million at year-end 2005. The company completed a $14.1 million private placement with existing and new investors during the fourth quarter of 2006. In conjunction with the financing, the company restructured its operations to reduce operating expenses and realigned resources toward development of the company's next-generation products.
The company said management continues to control spending and manage working capital to preserve cash.
"WorldHeart will continue to focus its energies on the final development, evaluation, regulatory approval and commercialization of our next-generation Levacor Rotary VAD," said Jal Jassawalla, president/CEO of WorldHeart. "We expect to initiate clinical use of the Levacor Rotary VAD in Canada in the near-term and start a U.S. feasibility trial in the latter half of 2007."
Optivus Technology now Optivus Proton Therapy
Optivus Proton Therapy (San Bernardino, California), which focuses on proton therapy technology, reported that as its new name, a switch from Optivus Technology.
The changes are aimed at communicating Optivus' role as a leader in proton-based radiation oncology to a wider audience. The company is also launching what it called an "aggressive" marketing and sales strategy.
Optivus Proton Therapy's technology at Loma Linda University Medical Center (Loma Linda, California) the world's first Proton Beam Treatment Center, has treated more than three quarters of all proton cancer patients in the U.S., the company said.
Optivus said it boosted its sales staff five-fold and plans to present its proton beam therapy systems to more than 200 academic and medical institutions this year, nearly a six-fold increase over last year.
CardioTech introduces web site
CardioTech International (Wilmington, Massachusetts), focused on materials science technology, medical device engineering services and contract manufacturing, said it has launched a new web site: www.cardiotech-inc.com.
The new web site provides access to CardioTech's array of polymer technology, products and medical device contract development and manufacturing services.
Some of CardioTech products and services include: orthopedics/artificial joints; spine/spinal implants; drug delivery/oncology ports and catheters; and cardiovascular/stents and stent coatings.
Omeris renamed BioOhio
Omeris, Ohio's bioscience membership and development organization, reported it would change its name to BioOhio (Columbus). A new logo with their stylized shape of the state has been launched, and the changes become effective immediately.
Tony Dennis, president/CEO of BioOhio, said the new name builds better branding outside of Ohio. The organization is responsible for attracting out-of-state company relocations and capital investment for emerging entrepreneurial companies. BioOhio recently received a three-year, $1.5 million grant from Ohio's Third Frontier Commission to recruit bioscience companies from around the world.
BioOhio is the Ohio affiliate of the BioIndustry Organization (Washington), and it is affiliated with AdvaMed (Washington).
The organization's web address will change to www.BioOhio.com, but address and phone numbers will remain the same.