| The company, an early stage development company, was organized in April 1996 to develop a global-scale medical devices business focused initially on the exploitation and commercialization of certain artificial heart and related technologies. These technologies are under development at the Cardiovascular Devices Division of the Ottawa Heart Institute Research Corporation. OHIRC is the not-for-profit research affiliate of the University of Ottawa Heart Institute, which was founded in 1976 to serve as a regional, national and international center of excellence for the prevention, treatment and rehabilitation of heart disease. SInce 1989, CVD has pursued a focused research and development program devoted to the development of an unique ventricular assist device capable of being both remotely powered, monitored and controlled an totally implanted in the chest cavity. Such research efforts have now advanced to the stage where CVD has completed a technically-advanced working prototype of such a device and has commenced in vivo testing in animals. |