VCR ventracor limited

the west australian

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    Business and Finance
    Ventracor in voluntary administration
    19th March 2009, 8:58 WST

    Heart pump developer Ventracor Ltd said on Thursday it had been placed into voluntary administration.

    Ventracor said it had not been able to attract enough money from investors to fund its operations through to June 30, 2009.

    "The company has approached over 130 potential investors in Australia, US and Europe over a period of more than a year," the company said.

    "In addition, a share purchase plan offer was made to shareholders, but did not attract sufficient capital."

    AAP

    http://www.thewest.com.au/aapstory.aspx?StoryName=559253

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    And

    Perth Now,

    Ventracor moves into administration
    HEART pump developer Ventracor has been placed into voluntary administration after not being able to attract enough money to stay alive to June 30.

    "The company has approached over 130 potential investors in Australia, US and Europe over a period of more than a year," the company said.

    "In addition, a share purchase plan offer was made to shareholders, but did not attract sufficient capital."

    Ventracor also said that it had approached more than 50 organisations to see if they were interested in taking over Ventracor or a strategic stake.

    "On February 27, 2009 the company reported that discussions were continuing with two parties, but that any potential transaction structure would require short-term funding in the form of a private placement or bridging facility," Ventracor said.

    "A non-binding proposal has been received recently for an asset purchase.

    "However, as that proposal does not contemplate short term funding, the board has decided to place the company in voluntary administration, and consequently, it will be open to the administrator to consider this proposal."

    Ventracor chairman John Ward, said Ventracor had made an extensive effort to raise funds but had been unsuccessful.

    "The board has decided that it is in the best interests of the company that an administrator be appointed now, at a time when the company remains solvent," Mr Ward said.

    Ventracor chief executive Peter Crosby said Ventracor had grown sales revenue to $12.7 million in the first half of the 2009 financial year and had set the stage for future profitability.

    "Despite our outstanding operational and clinical success, the inability to raise the necessary capital has resulted in the need to appoint an administrator," he said.

    "We hope that a successful outcome can be achieved by the administrator which will enable commercialisation of the VentrAssist LVAD to continue, keep the jobs in Australia, and continue to bring this great Australian technology to the global market."

    The VentrAssist LVAD (left ventricular assist device) is an implantable blood pump.
    Ventracor has appointed Steven Sherman and John Gothard of Ferrier Hodgson as administrators.

    In February, Ventracor said it was unable to release its financial statements for the half-year period ended December 31, 2008 by the due date.

    At the same time, Ventracor announced that it had reduced its operations in the United States by
    13 staff and would close its facility at Budd Lake in New Jersey in the US.

    Ventracor shares have been suspended from trading on the Australian stock exchange since February 10.

    The shares last traded at 8.3 cents.

    Ventracor booked an annual net loss of $24.9 million for the 2007/08 financial year.


    http://www.news.com.au/perthnow/story/0,21498,25210093-951,00.html?from=public_rss


 
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