| Cambridge Heart Announces Completion of Warrant Call |
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100% of long term warrants exercised generating $962,000 TEWKSBURY, Mass., Jun 07, 2010 (BUSINESS WIRE) --Cambridge Heart, Inc. (OTCBB: CAMH), today announced that the investors in the December 2009 Series D Convertible Preferred Stock financing exercised all of the outstanding long-term warrants. The exercise of the long-term warrants, which were called on May 5, 2010, generated a total of $962,000 in proceeds, and resulted in the issuance of 6,775,611 shares of common stock. In addition, certain of these investors also exercised their short-term warrants, generating an additional $457,000 in capital, and resulting in the issuance of 4,268,294 shares of common stock. Further, additional short-term warrants to purchase 7,024,392 shares of common stock, which would generate proceeds of $752,000, remain outstanding and expire on December 23, 2010. The shares of common stock issued by the Company as a result of the exercise of warrants are subject to customary restrictions on the transfer of securities issued in a private placement under the federal securities laws. As of June 7, 2010, Company has a total of 102.7 million shares of common stock and common stock equivalents issued and outstanding, including the effect of converting the Series C-1 preferred stock and the Series D preferred stock into shares of common stock. In addition, there are options and warrants outstanding to purchase 17 million shares of common stock, bringing the fully diluted share count to 119.7 million shares of common stock. Questions can be directed to the Company's management or its investor relations firm at the contact numbers noted above. 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. 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.Forward-looking statements include statements about the Company's expected launch of the MTWA Module, the Company's expected reductions in operating expenses, and the Company's belief that existing resources and currently projected financial results are sufficient to fund operations through December 31, 2010.Actual results may differ materially from those indicated by these forward-looking statements.Material deviations from our current operating plan, including a delay in gaining FDA clearance for the MTWA Module, a delay in launching the MTWA Module with Cardiac Science, lower than expected sales to Cardiac Science, lower than expected sales of our Heartwave II System, may cause or contribute to such differences.Other 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 fund operations and 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: |
