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.
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.
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