Heartware to lodge prospectus despite litigation rumours

US artificial heart firm Heartware will today lodge its prospectus with ASIC, for an ASX-listing schedule to take place in late January, despite rumours of a possible patent battle with Australian artificial heart firm Ventracor (ASX:VCR).

The offer incorporates an AUD$5 million US private placement together with an Australian public offer to make up a combined capital raising of US$24.95 million. The Australian offer -- at $0.50 per share -- will raise between AUD$30 and AUD$35 million, subject to the exchange rate at the day of allotment.

The offer will open on December 29 and close on January 19. The listing is scheduled to take place on January 31.

The 'risks' section of the prospectus is said to outline a patent issue between Ventracor and Heartware. The company did not respond to Australian Biotechnology News' requests for further details.

The Heartware ventricular assist device is one third of the size of Ventracor's VentrAssist, and is placed in the pericardial space directly adjacent to the heart.