Heartware float on track
Thursday, 13 January, 2005
The lawsuit issued by Sydney's Ventracor (ASX:VCR) late last year against US artificial heart company Heartware doesn't seem to have dampened enthusiasm for the newcomer's initial public offering.
According to Howard Leibman of EG Capital - which is underwriting the float - it is already "genuinely oversubscribed", with demand for stock split evenly between institutional and private investors.
Ventracor launched the lawsuit on December 13 last year, with a letter demanding that Heartware "cease and desist from all infringing commercial activities involving the HVAD devices of issue", and seeking damages for infringements, interest and legal fees."
Both Ventracor's left ventricular assist device (LVAD) and Heartware's ventricular assist device (HVAD) are designed to aid the heart's ventricles in pumping blood around the body.
Ventracor is seeking a judgment in the United States District Court for the Southern District of Florida that Heartware is infringing its US Patent No. 6,227,797 and 6,609,883, which relate to seal-less, shaft-less rotary pumps adapted for use as artificial hearts or ventricular assist devices.
In its prospectus, Heartware said its board viewed the litigation as "opportunistic", and said that it would "vigorously defend" the legal action.
According to Liebman, the letter of demand was unexpected. "Heartware is of the view that the reason for commencing litigation is about disrupting the capital raising," he said. "The action is being seen for what it is -- it's being seen as Ventracor fending off a new competitor."
New route into cells found for gene therapy viruses
Scientists have identified a previously unknown gateway into human cells — a receptor...
Link between oestrogen and heart health found in women
Scientists found that oestrogen helps increase the ANXA1 protein, and when ANXA1 is missing, the...
Frequent nightmares accelerate aging, increase risk of death
Nghtmares independently predict faster biological aging and earlier mortality — even after...