Cambridge Heart Provides Update
Announces Preliminary Fourth Quarter Revenue and Restructuring
Cambridge Heart, Inc. (OTCBB: CAMH), a developer of non-invasive diagnostic tests for cardiac disease, announced that preliminary revenue for the quarter and year ended December 31, 2012 was approximately $305,600, and $1,740,300, respectively. Cash and cash equivalents were an estimated $38,000.
As previously announced, the Company has been engaged in a process of exploring strategic alternatives, which to date has not yet resulted in a definitive transaction. In light of the Company's limited cash resources, the Board and management have restructured operations and personnel levels, with the expectation of being able to achieve cash flow breakeven on the current level of revenue, while maintaining the ability to manufacture and ship product, and provide ongoing customer support.
In order to reduce operating expenses, Messrs. Ali Haghighi-Mood, the Company's President and Chief Executive Officer, Vincenzo LiCausi, the Company's Chief Financial Officer, and Roderick de Greef, the Company's Chairman of the Board, have stepped down as employees and officers of the Company. Mr. de Greef will remain Chairman of the Board of Directors and serve as the interim President and Treasurer, and Dr. Haghighi-Mood will remain a director of the Company in order to assist the Company in pursuing its ongoing initiatives. In addition to continuing to explore strategic and financing alternatives, the Company intends to focus on its clinical strategies in an effort to increase and expand adoption and utilization of its MTWA technology.
Questions can be directed to Mr. de Greef at the contact numbers provided.
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 Company's products incorporate proprietary Microvolt T-Wave Alternans™ (MTWA) measurement technologies, including the patented Analytic Spectral Method® and ultrasensitive disposable electrode sensors. The Company'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. For additional information, please refer to the Company's website at: http://www.cambridgeheart.com.
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