January 25, 2010 (FinancialWire) — World Heart Corp. (NASDAQ: WHRT) said that it has obtained commitments from institutional and individual investors to purchase around $7.3 million of its common stock in a private placement.

The company said it has entered into a securities purchase agreement with the investors pursuant to which WorldHeart will sell an aggregate of 1,418,726 shares of its common stock and warrants to purchase up to 2,837,452 additional shares of common stock.

Each unit, consisting of one share of common stock and two warrants, each to purchase one share of common stock, will be sold for a purchase price of $5.15. World Heat said it would use the proceeds from the private placement for general corporate and working capital purposes.

The warrants will be exercisable at an exercise price equal to $4.90, which is the consolidated closing bid price of the common stock as reported on the NASDAQ Global Market on January 21, 2010. The warrants are immediately exercisable with half of the warrants expiring 15 months from the date of the issuance and remaining warrants expiring five years from the date of issuance.

Salt Lake City, Utah-based WorldHeart is a developer of mechanical circulatory support systems.

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