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Cambridge Heart Announces Exercise of Warrants

^{Published on 2010-12-23 13:36:14 - Market Wire}
 

TEWKSBURY, Mass.--([ BUSINESS WIRE ])--[ Cambridge Heart, ] Inc. (OTCBB: CAMH), a developer of non-invasive diagnostic tests for cardiac disease, today announced that all investors in the December 2009 Series D Convertible Preferred Stock financing elected to exercise the outstanding short-term warrants. The exercise of the short-term warrants generated a total of $752,000 in proceeds, and resulted in the issuance of 7,024,392 shares of common stock. The shares of common stock issued by the Company as a result of the exercise of warrants are subject to customary restrictions on the transfer of securities issued in a private placement under the federal securities laws.

"The exercise of these warrants represents a reinforcement of our shareholdera™s support for the Companya™s strategy and the potential it represents."

Cambridge Heart CEO Ali Haghighi-Mood said, aThe exercise of these warrants represents a reinforcement of our shareholdera™s support for the Companya™s strategy and the potential it represents.a Mr. Haghighi-Mood added, aWe look forward to continuing our efforts in driving broader adoption and utilization of our technology in 2011.a

Questions can be directed to the Companya™s management or its investor relations firm at the contact numbers noted above.

About Cambridge Heart, Inc.

Cambridge Heart develops and commercializes non-invasive diagnostic tests for cardiac disease, with a focus on identifying those at risk for sudden cardiac arrest (SCA). The Companya™s products incorporate proprietary [ Microvolt T-Wave Alternans ]a" measurement technologies, including the patented Analytic Spectral Method^® and ultrasensitive disposable electrode sensors. The Companya™s MTWA test, originally based on research conducted at the Massachusetts Institute of Technology, is reimbursed by Medicare under its National Coverage Policy.

Cambridge Heart, founded in 1990, is based in Tewksbury, MA. It is traded on the Over-The-Counter Bulletin Board (OTCBB) under the symbol CAMH.OB.
[ http://www.cambridgeheart.com ].

Statements contained in this press release that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.In some cases, we use words such as abelievesa, aexpectsa, aanticipatesa, aplansa, aestimatesa, acoulda, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.Forward-looking statements include statements about the Companya™s expected launch of the MTWA Module, the Companya™s expected reductions in operating expenses, and the Companya™s belief that existing resources and currently projected financial results are sufficient to fund operations through December 31, 2010.Actual results may differ materially from those indicated by these forward-looking statements.Material deviations from our current operating plan, including delays in marketing the MTWA Module with Cardiac Science, lower than expected sales to Cardiac Science, and lower than expected sales of our Heartwave II System, may cause or contribute to such differences.Other factors that may cause or contribute to such differences include failure to achieve broad market acceptance of the Companya™s MTWA technology, failure of our sales and marketing organization to market our products effectively, inability to hire and retain qualified clinical applications specialists in the Company's target markets, failure to obtain or maintain adequate levels of first-party reimbursement for use of the Company's MTWA test, customer delays in making final buying decisions, decreased demand for the Company's products, failure to obtain funding necessary to fund operations and to develop or enhance our technology, adverse results in future clinical studies of our technology, failure to obtain or maintain patent protection for our technology and other factors identified in our most recent Annual Report on Form 10-K under aRisk Factorsa, which is on file with the SEC and available at [ www.EDGAR.com ].In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date.While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as may be legally necessary, even if our estimates should change.