Abiomed cashes in on World Heart stake

March 24, 2010 by MassDevice staff

Danvers, Mass.-based Abiomed Inc. sells 230,000 shares of World Heart stock in the weeks before a fourth patient receives the heart-assist implant made by the Utah company.

ABMD logo

Nearly two years after agreeing to accept fistfuls of stock rather than calling a $5 million loan due, Abiomed Corp. (NSDQ:ABMD) is cashing in a portion of its stake in World Heart Corp. (NSDQ:WHRT)

Over the past five weeks, Abiomed has sold slightly more than 230,000 World Heart shares, generating nearly $740,000 in gross proceeds for the Danvers, Mass.-based manufacturer of miniaturized heart pumps. Abiomed still owns more than 2.5 million shares, worth about $6 million, and remains among the largest individual shareholders of World Heart with nearly 19 percent of its stock.

Get the complete picture with a MassDevice Plus membership. Registered users can login here.