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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 9, 1999
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Cambridge Heart, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-20991 13-3679946
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(Commission File Number) (I.R.S. Employer Identification No.)
1 Oak Park Drive
Bedford, MA 01730
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(Address of Principal Executive Offices) (Zip Code)
(781) 271-1200
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On June 9, 1999, Cambridge Heart, Inc. issued a press release announcing
that it had executed an agreement to raise $5.0 million in equity capital
through a private placement. A copy of such press release is attached to this
Current Report on Form 8-K as Exhibit 99.
The private placement was completed on June 11, 1999.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
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See Exhibit Index attached hereto.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 16, 1999 CAMBRIDGE HEART, INC.
By: /s/ Robert B. Palardy
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Robert B. Palardy
Chief Financial Officer and
Vice President, Finance and Administration
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press Release dated June 9, 1999.
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Contacts:
At Feinstein Kean Partners
Jeff Mooney
617-577-8110
www.fkpi.com
At Schwartz Communications At Cambridge Heart
Helen Shik, ext. 6587 Robert Palardy, ext. 231
Lloyd Benson, ext. 6511 781-271-1200
781-684-0770 www.cambridgeheart.com
www.schwartz-pr.com
Cambridge Heart Completed an Agreement to Raise $5.0 Million of Equity
Financing
Bedford, MA--June 9, 1999 -- Cambridge Heart, Inc. (NASDAQ:CAMH) today announced
that the Company has completed an agreement to raise $5.0 million in equity
capital through a private placement with a group of institutional investors led
by the Tail Wind Fund. Funding is expected within 24 hours.
"We are very pleased with this financing and with the investors involved in it,"
stated Jeffrey M. Arnold, Cambridge Heart Chairman, President, and CEO. "The
new funding, along with existing cash reserves, will allow us to aggressively
move ahead with our business plans."
Under the terms of the financing, Cambridge Heart, Inc. receives $5.0 million
from the sale of 952,380 shares of Cambridge Heart Common Stock. The investors
also receive 95,238 warrants at an exercise price of $7.22. Cambridge Heart is
obligated to file with the Security and Exchange Commission a registration
statement for the shares of Common Stock issued and the stock underlying the
warrants. The Company intends to use the proceeds of the offering for its
operational needs, promoting clinical adoption of its T-wave alternans
technology, and for working capital purposes.
The Investment Adviser to Tail Wind said, "We think there is now broad evidence
to suggest that Cambridge Heart's technology provides an accurate, effective,
and cost efficient prediction of sudden cardiac arrest. We are optimistic that
the Company's current initiatives will produce an early path to reimbursement,
and much wider usage of this vital product in the large and growing market for
people at risk."
-- more --
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About Cambridge Heart
Cambridge Heart is engaged in the research, development, and commercialization
of products for the non-invasive diagnosis of cardiac disease. Using innovative
technologies, the Company is addressing such key problems in cardiac diagnosis
as the identification of those at risk of sudden cardiac arrest, the early
detection of coronary artery disease, and the prompt and accurate diagnosis of
heart attack. The Company's first product, the Alternans Test, was cleared by
the U. S. Food and Drug Administration on April 13, 1999, as the first non-
invasive test cleared to identify patients at risk of arrhythmia, the cause of
sudden cardiac arrest. The Company currently markets its CH 2000 stress test
system and proprietary, disposable High-Resolution Electrodes in the U.S.,
Japan, and Europe.
Statements made in this press release that are not historical facts include
forward-looking statements that involve risks and uncertainties. Important
factors that could cause actual results to differ materially from those
indicated by such forward-looking statements include uncertainties associated
with regulatory approval processes and other factors that are included in
Cambridge Heart's Annual Report on Form 10-K for the year ending December 31,
1998.
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