August 20, 2009 / 5:36 PM / 10 years ago

World Heart shares rise on study approval for heart pump

* Gets conditional OK to study ventricular assist device

* Study category makes insurance reimbursement possible

* Shares up as much as 60 pct

Aug 20 (Reuters) - World Heart Corp WHRT.O said it received a conditional approval from U.S. health regulators to begin a clinical study of its magnetically levitated implantable heart pump, sending its shares up as much as 60 percent.

The study of the company’s Levacor ventricular assist device has been assigned a CMS category B2 status, which makes insurance reimbursement possible, it said.

Heart assist devices are required by patients with severely damaged hearts who need the help of an artificial heart pump while waiting for a transplant.

World Heart’s Levacor is a bearingless implantable centrifugal pump that uses magnetic levitation to fully suspend the spinning rotor.

The U.S. Food and Drug Administration has asked the company to submit additional data within 45 days, but permitted the study to begin on getting approvals from the Institutional Review Board, the company said in a statement.

Shares of the company were trading up 46 percent at $7.00 Thursday afternoon on Nasdaq. They touched a high of $7.70 earlier in the session. (Reporting by Shailesh Kuber in Bangalore; Editing by Vinu Pilakkott)

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