| Cambridge Heart Calls Series D Preferred Warrants |
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Exercise of Long Term Warrants would provide Additional Capital TEWKSBURY, Mass., May 06, 2010 (BUSINESS WIRE) --Cambridge Heart, Inc. (OTCBB: CAMH), today announced that the Company has notified the investors in the Company's December 2009 Series D Convertible Preferred Stock financing that it is exercising its right to call all previously unexercised five-year warrants to purchase shares of the Company's common stock issued to the investors in connection with the Series D financing (the "Long-Term Warrants"). The Long-Term Warrants give the Series D investors the right to purchase an aggregate of 6,775,611 shares of common stock at an exercise price of $0.142 per share. Assuming the Series D investors exercise all of the Long-Term Warrants, the Company would receive $962,000 of additional capital, $208,000 of which has previously been received by the Company in connection with the exercise of certain Long- Term Warrants. Under the terms of the Long-Term Warrants, if the closing price of the Company's common shares exceeds $0.284 for 20 consecutive trading days, the Long-Term Warrants are subject to repurchase by the Company at $0.001 per warrant share. This criterion has been met, and the Company has delivered notice to the Series D investors that it will repurchase any Long-Term Warrants that remain unexercised as of 6:30 PM EDT on June 4, 2010. In addition, pursuant to the Series D financing, investors were also issued warrants to purchase an additional 11,292,686 shares of common stock at $0.107 per share (the "Short-Term Warrants"), which if exercised would provide an additional $1,208,318 of capital. The Short-Term Warrants, which expire on December 23, 2010, are not subject to the call notice to Series D investors with respect to the Long-Term Warrants. To date, the Company has received proceeds of $261,000 from two Series D investors who, in addition to exercising their Long Term Warrants, have also exercised their Short Term Warrants. About Cambridge Heart, Inc. Cambridge Heart develops and commercializes non-invasive diagnostic tests for cardiac disease, with a focus on identifying those at risk for sudden cardiac arrest (SCA). The Company's products incorporate proprietary Microvolt T-Wave Alternans(TM) measurement technologies, including the patented Analytic Spectral Method(R) and ultrasensitive disposable electrode sensors. The Company's MTWA test, originally based on research conducted at the Massachusetts Institute of Technology, is reimbursed by Medicare under its National Coverage Policy. Cambridge Heart, founded in 1990, is based in Tewksbury, MA. It is traded on the Over-The-Counter Bulletin Board (OTCBB) under the symbol CAMH.OB. http://www.cambridgeheart.com. Statements contained in this press release that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.In some cases, we use words such as "believes", "expects", "anticipates", "plans", "estimates", "could", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.Actual results may differ materially from those indicated by these forward-looking statements.Factors that may cause or contribute to such differences include failure to achieve broad market acceptance of the Company's MTWA technology, failure of our sales and marketing organization to market our products effectively, inability to hire and retain qualified clinical applications specialists in the Company's target markets, failure to obtain or maintain adequate levels of first-party reimbursement for use of the Company's MTWA test, customer delays in making final buying decisions, decreased demand for the Company's products, failure to obtain funding necessary to develop or enhance our technology, adverse results in future clinical studies of our technology, failure to obtain or maintain patent protection for our technology and other factors identified in our most recent Annual Report on Form 10-K under "Risk Factors", which is on file with the SEC and available at www.EDGAR.com.In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date.While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as may be legally necessary, even if our estimates should change. SOURCE: Cambridge Heart, Inc. At Cambridge Heart: |
