Special Situation Report:

Date: October 04, 2004

Our Feature Profile:

World Heart Corp.

(NasdaqNM: WHRT)

Company Profile

World Heart Corporation, through its subsidiaries, engages in the sale, production, support, and development of ventricular assist devices (VAD) primarily in North America and Europe. VADs are mechanical assist devices that supplement the circulatory function of the heart by rerouting blood flow through a mechanical pump. The company’s products include Novacor left ventricular assist system (LVAS) and Next Generation VAD. Novacor LVAS is an electromagnetically-driven pump, about the size of a human heart, provides circulatory support for patients with heart failure by taking over the workload of part or all of the left ventricles of the heart. Next Generation VAD, a development stage product, is designed for destination therapy patients. World Heart was established in 1996 and is headquartered in Ottawa, Canada.

About The Company:

World Heart Corporation (WorldHeart) is a global provider of implantable heart-assist devices that deliver pulsatile blood flow for temporary and long-term support. Its products enable recipients to return to their homes, hobbies, jobs and families. WorldHeart is a global medical device and public company located in Ottawa, Ontario (Canada), Oakland, California (USA), Heesch (The Netherlands), and Tokyo (Japan).

Current product development and commercialization focuses on pulsatile ventricular assist devices (VADs). WorldHeart's Novacor® LVAS is well established in the marketplace with approval for use throughout the world. It is the first successful Bridge-to-Transplant device, the first and only left ventricular assist device to meet the multi-year Device Readiness Test Protocol of the U.S. National Institutes of Health, and the first to surpass six years of support in a single patient.

WorldHeart is now developing its Next Generation LVAS. It is designed to be a miniaturized implantable assist device just half the size of its predecessor, building on the proven Novacor technology and is intended for long-term support of patients with heart failure.

Company History:

WorldHeart's roots in heart-assist device technologies go back thirty five years.

• In 1969, scientists in Berkeley, California began developing a Left Ventricular Assist System (LVAS), based on a pulsed-solenoid driver concept. Development was initially funded by research contracts from the U.S. National Institutes for Health (NIH).
• By 1977, the world's first integrated electrical LVAS had been designed. With additional venture capital funding, the system was refined and qualified for clinical use.
• In 1984, the Novacor® LVAS was used in the world's first successful Bridge-to-Transplant (BTT) operation. (See Milestones for subsequent developmental and clinical milestones.)
• In 1988, Novacor Medical Corporation was acquired by Baxter Healthcare Corporation. With Baxter's support, the product was enhanced, and clinical use spread outside of North America.
• In 1994, the Novacor® LVAS received regulatory approval for European commercialization (CE Mark) for use as both a Bridge-to-Transplant and as a long-term alternative to medical therapy.
• In 1998, the Novacor® LVAS received FDA approval for U.S. sales as a Bridge-to-Transplant system.
• In 2000, shortly after Baxter's cardiovascular products division was spun off to Edwards Lifesciences LLC, the Novacor Division was acquired by World Heart Corporation (WorldHeart). WorldHeart was established in 1996 to develop the HeartSaverVADTM technologies originated by the Cardiovascular Devices Division (CVD) of the University of Ottawa Heart Institute (OHI). OHI is one of Canada's leading cardiac centers, and an international center of excellence for the diagnosis, treatment, rehabilitation from and prevention of heart disease through patient care, research and education. The technologies embodied in the Novacor® LVAS and the HeartSaverVADTM are now being amalgamated in the development of the Next Generation LVAS. This effort is being led by members of the original Novacor® LVAS development team, with 200 collective years of LVAS design experience. The Next Generation LVAS will maintain the current device's unparalleled reliability and durability, while providing a system that is smaller, totally implantable and more economical.

Milestones:

WorldHeart's Novacor® LVAS milestones have helped return heart patients to their homes, hobbies, jobs and families. More information can be found at: www.worldheart.com/about/milestones.cfm

Products:

WorldHeart develops and commercializes pulsatile Ventricular Assist Devices (VADs) intended for long-term support of patients with late-stage heart failure. Their Novacor® LVAS is well established in the marketplace, with approval for use throughout the world. It is the first successful Bridge-to-Transplant Left Ventricular Assist Device, the first and only device to meet the multi-year Device Readiness Test Protocol of the U.S. National Institutes of Health, and the first to surpass six years of support in a single patient.

In addition, the company is developing the Next Generation LVAS. Just half the size of its predecessor, it is designed to be the first fully implantable pulsatile VAD without a volume compensator. With more than 1,500 Novacor® LVAS recipients, WorldHeart products enable recipients to return to their homes, hobbies, jobs and families.

Patient Information:

Heart transplantation is in high demand, however it is severely limited due to the short supply of donor organs. About 4,000 donor hearts are available in the world each year - thousands short of the number required. Yet, transplantation is the only widely practiced long-term treatment for heart patients suffering from end-stage heart failure. Heart-assist devices, such as WorldHeart's Novacor® LVAS, offer end-state heart patients the opportunity to live more complete, normal, and active lives during Bridge-to-Transplant or Destination Therapy.

Clinical Information:

The short supply of donor organs makes it impossible for medical professionals to keep pace with the number of required heart transplants each year. Heart-assist devices, such as WorldHeart's Novacor® LVAS, provide end-stage heart failure patients the opportunity to live more complete, normal, and active lives during Bridge-to-Transplant and Destination Therapy*. WorldHeart is committed to providing clinicians with the information and services needed to deliver quality care to patients diagnosed with late-stage heart failure. WorldHeart continues to devote considerable resources to research and to develop innovative LVADs that deliver enhanced comfort, reliability and durability; and they also continue to provide the up-to-date information and services needed by clinicians to use their products effectively.

Key Management:

• Mr. Jal S. Jassawalla, Chief Exec. Officer and President
• Mr. D. Mark Goudie, Consultant
• Mr. John M. Marinchak, VP Marketing and Sales of Sales North America
• Mr. Pratap Khanwilkar, Head of Bus. Devel. and Head of Rotary Pump Activities
• Mr. Robert W. Corson, VP - Manufacturing

SEC Filings:

SEC filings for World Heart Corp., can be reviewed at: http://finance.yahoo.com/q/sec?s=WHRT

Share Structure:

Contact Information:

Technical Analysis

Conclusion

Company fundamentals and chart analysis present a stock that is deemed for higher prices! The company's medical devices look very promising and could provide the company with excellent growth potential. We believe the stock is poised for at minimum, short-term appreciation!

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