December 29, 2009 (FinancialWire) — Cambridge Heart, Inc. (OTCBB: CAMH) said that it has completed a private placement of Series D convertible preferred stock, raising proceeds of approximately $1.8 million.

The company said that no finder’s fees or commissions were paid in connection with the financing. Under the terms of the financing, the company issued and sold 1,852 shares of Series D convertible preferred stock, which have a senior liquidation preference, at a purchase price of $1,000 per share.

Each share of Series D convertible preferred stock is convertible into shares of the company’s common stock at a conversion price of $0.082 per common share, representing a 15% premium to the 20-day trailing average of the company’s closing common stock price as of December 21, 2009.

The total number of shares of common stock initially issuable upon conversion of the Series D convertible preferred stock issued in the financing is 22,585,366.

In addition to the Series D convertible preferred stock, the company issued two types of warrants long and short term — to each investor.

Cambridge Heart develops and commercializes non-invasive diagnostic tests for cardiac disease, with a focus on identifying those at risk for sudden cardiac arrest.

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