World Heart Corp. (NSDQ:WHRT) is planning to raise $25.3 million from a private sale of warrants, according to a federal Securities & Exchange Commission filing.
The Salt Lake City-based circulatory support device developer said it obtained commitments from new and existing institutional investors to purchase common stock in a private placement. The investors include Venrock Associates, New Leaf Venture Partners and the Special Situations Funds, each of which have representatives on World Heart’s board.
The warrants will be exercisable at $2.31 per share, equal to 115 percent of the Oct. 13 closing bid price of the common stock, according to the filing.
Proceeds from the private placement are expected to be used for general corporate and working capital purposes, according to the company.