World Heart auditors give concern warning

By Jennifer Chiou

New York, March 31 - World Heart Corp. said its auditors added a warning to its from 10-KSB annual report for the year ended Dec. 31 cautioning about the company's ability to continue as a going concern.

The company previously said it ended 2005 with $10.7 million in cash and cash equivalents and added it is looking into financing alternatives.

"Enrollment in the Reliant clinical trial is accelerating as expected. The first human implant of our next-generation rotary pump was successfully completed earlier this month and we have started chronic animal implants with our next-generation pulsatile system," president and chief executive officer Jal S. Jassawalla said in a news release.

"We are exploring financing alternatives and believe that we can continue to execute on our business plans, providing important, life-saving products."

On Nov. 29, the company announced it received a notice from Nasdaq stating that for the last 30 consecutive business days the bid price of the company's stock has closed below the minimum $1.00 per share required for continued listing.

World Heart has 180 calendar days, until May 30, to regain compliance or the Nasdaq staff will provide written notification that World Heart's stock will be delisted.

Oakland, Calif.-based World Heart is a developer of mechanical circulatory support systems.

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