WorldHeart Buys MedQuest Products

WorldHeart has signed a definitive agreement to acquire all of the assets of MedQuest Products, subject to certain approvals, consents and conditions.

MedQuest, based in Salt Lake City, is in the final development stages of its HeartQuest ventricular assist device (VAD), a magnetically levitated centrifugal rotary blood pump. WorldHeart currently offers the leading long-term pulsatile Novacor LVAS.

The acquisition of MedQuest will add an advanced rotary pump to WorldHeart's VAD platform and will also result in the company raising up to $23 million in a corresponding private placement and warrant exercise, the company said. In addition, all existing debentures will be converted to common shares of the company.