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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported)
February 15, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WORLD HEART CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 5%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">000-28882</TD>
    <TD STYLE="width: 5%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">52-2247240</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Commission<BR>
File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-weight: bold; text-align: center">4750 Wiley Post Way, Suite 120, Salt Lake City, Utah</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">84116</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-weight: bold; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(801) 355-6255</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 2.05</B></TD><TD STYLE="text-align: justify"><B>Costs Associated with Exit or Disposal Activities.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 15, 2012, the Board of Directors of World Heart Corporation
(the &ldquo;Company&rdquo;) made the decision to initiate a workforce reduction in an effort to preserve cash and reduce the Company&lsquo;s
fixed operating costs as the Company explores various corporate strategic options. On February 23, 2012, the Company notified employees
affected by the workforce reduction. The approved restructuring plan resulted in a reduction in its workforce of approximately
19 full-time positions and 1 part-time position, or approximately 77% of its workforce. Personnel reductions will be made across
the Company&rsquo;s entire organization, including the following departments: research and development, manufacturing, quality,
facilities, human resources and accounting. The reduction was effective immediately upon such notification, though certain employees
are expected to remain in brief transition roles with the Company. Affected employees are eligible to receive severance payments
ranging between one and nine months and payment by the Company of each affected employee&rsquo;s COBRA premiums for up to a similar
period, in exchange for a customary release of claims against the Company. Severance and benefit payments are expected to total
approximately $725,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to the severance benefits noted above, the Company expects
to record additional restructuring charges related to contract and purchase order cancelation fees estimated to be between $20,000
to $70,000 and facility related charges, including minimum lease payments, of approximately $220,000 to $270,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company expects that the restructuring plan will result in aggregate
cash expenditures of approximately $965,000 to $1.1 million, of which approximately $860,000 is expected in the first and second
quarters of 2012 with the remainder occurring over the balance of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The restructuring charge that the Company expects to incur in connection
with the restructuring is subject to a number of assumptions, and actual results may materially differ. The Company may also incur
other material charges not currently contemplated due to events that may occur as a result of, or associated with the restructuring
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Item 2.05 contains forward-looking statements, including, but
not limited to, statements related to the timing of implementation and completion of actions related to the Company&rsquo;s restructuring
plan, the satisfaction of the Company&rsquo;s obligations under contracts and purchase agreements, and expected charges and expenses
related to the Company&rsquo;s restructuring plan. Words such as &ldquo;expects,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo;
&ldquo;intends,&rdquo; and similar expressions are intended to identify forward-looking statements. These forward-looking statements
are based upon the Company&rsquo;s current plans, assumptions, beliefs, and expectations. Forward-looking statements involve risks
and uncertainties. The Company&rsquo;s actual results and the timing of events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related
to the Company&rsquo;s ability to implement the restructuring plan to the extent currently anticipated, the impact of the workforce
reduction on the Company&rsquo;s business, unanticipated expenses and charges not currently contemplated that may occur as a result
of the restructuring plan, the Company&rsquo;s ability to execute on its strategy, the sufficiency of the Company&rsquo;s capital
and other resources, market competition and general business and economic conditions. The Company&rsquo;s annual report on Form
10-K for the year ended December 31, 2010 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2011, June 30,
2011 and September 30, 2011 contain under the heading &ldquo;Risk Factors&rdquo; a more comprehensive description of risks to which
the Company is subject. The Company expressly disclaims any duty, obligation, or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any change in the Company&rsquo;s expectations with regard
thereto or any change in events, conditions, or circumstances on which any such statements are based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: left"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">Pursuant to the restructuring plan approved
by the Board of Directors on February 15, 2012, the employment of Mr. John Campbell Woodard, Chief Technology Officer, will be
terminated effective February 24, 2012. In accordance with Mr. Woodard&rsquo;s Change of Control and Severance Agreement dated
as of June 14, 2010, </FONT>subject to the execution of a binding release of claims,<FONT STYLE="color: black"> he will receive
(i) a cash payment equal to nine months&rsquo; worth of his current base salary plus 75% of his target annual bonus, </FONT>(ii)&nbsp;50%
vesting of each of his unvested options, and (iii)&nbsp;payments of <FONT STYLE="color: black">his health insurance premiums under
COBRA for a period of up to nine months. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Date: February 23, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>WORLD HEART CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 48%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Morgan R. Brown</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Morgan R. Brown<BR>Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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{"company-data": {"conformed-name": "WORLD HEART CORP", "cik": "0001024520", "assigned-sic": "3845", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28882", "film-number": "12632914"}, "business-address": {"street1": "4750 WILEY POST WAY", "street2": "SUITE 120", "city": "SALT LAKE CITY", "state": "UT", "zip": "84116", "phone": "801-355-6255"}, "mail-address": {"street1": "4750 WILEY POST WAY", "street2": "SUITE 120", "city": "SALT LAKE CITY", "state": "UT", "zip": "84116"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 15, 2012
WORLD HEART CORPORATION
(Exact name of registrant as specified in
charter)
Delaware
000-28882
52-2247240
(State or other jurisdiction of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
4750 Wiley Post Way, Suite 120, Salt Lake City, Utah
84116
(Address of principal executive offices)
(Zip Code)
(801) 355-6255
Registrant's telephone number, including
area code
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
£
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b)
under Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c)
under Exchange Act (17 CFR 240.13e-4(c))
Item 2.05
Costs Associated with Exit or Disposal Activities.
On February 15, 2012, the Board of Directors of World Heart Corporation
(the "Company") made the decision to initiate a workforce reduction in an effort to preserve cash and reduce the Company's
fixed operating costs as the Company explores various corporate strategic options. On February 23, 2012, the Company notified employees
affected by the workforce reduction. The approved restructuring plan resulted in a reduction in its workforce of approximately
19 full-time positions and 1 part-time position, or approximately 77% of its workforce. Personnel reductions will be made across
the Company's entire organization, including the following departments: research and development, manufacturing, quality,
facilities, human resources and accounting. The reduction was effective immediately upon such notification, though certain employees
are expected to remain in brief transition roles with the Company. Affected employees are eligible to receive severance payments
ranging between one and nine months and payment by the Company of each affected employee's COBRA premiums for up to a similar
period, in exchange for a customary release of claims against the Company. Severance and benefit payments are expected to total
approximately $725,000.
In addition to the severance benefits noted above, the Company expects
to record additional restructuring charges related to contract and purchase order cancelation fees estimated to be between $20,000
to $70,000 and facility related charges, including minimum lease payments, of approximately $220,000 to $270,000.
The Company expects that the restructuring plan will result in aggregate
cash expenditures of approximately $965,000 to $1.1 million, of which approximately $860,000 is expected in the first and second
quarters of 2012 with the remainder occurring over the balance of 2012.
The restructuring charge that the Company expects to incur in connection
with the restructuring is subject to a number of assumptions, and actual results may materially differ. The Company may also incur
other material charges not currently contemplated due to events that may occur as a result of, or associated with the restructuring
plan.
This Item 2.05 contains forward-looking statements, including, but
not limited to, statements related to the timing of implementation and completion of actions related to the Company's restructuring
plan, the satisfaction of the Company's obligations under contracts and purchase agreements, and expected charges and expenses
related to the Company's restructuring plan. Words such as "expects," "will," "may,"
"intends," and similar expressions are intended to identify forward-looking statements. These forward-looking statements
are based upon the Company's current plans, assumptions, beliefs, and expectations. Forward-looking statements involve risks
and uncertainties. The Company's actual results and the timing of events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related
to the Company's ability to implement the restructuring plan to the extent currently anticipated, the impact of the workforce
reduction on the Company's business, unanticipated expenses and charges not currently contemplated that may occur as a result
of the restructuring plan, the Company's ability to execute on its strategy, the sufficiency of the Company's capital
and other resources, market competition and general business and economic conditions. The Company's annual report on Form
10-K for the year ended December 31, 2010 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2011, June 30,
2011 and September 30, 2011 contain under the heading "Risk Factors" a more comprehensive description of risks to which
the Company is subject. The Company expressly disclaims any duty, obligation, or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard
thereto or any change in events, conditions, or circumstances on which any such statements are based.
Item 5.02
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Pursuant to the restructuring plan approved
by the Board of Directors on February 15, 2012, the employment of Mr. John Campbell Woodard, Chief Technology Officer, will be
terminated effective February 24, 2012. In accordance with Mr. Woodard's Change of Control and Severance Agreement dated
as of June 14, 2010,
subject to the execution of a binding release of claims,
he will receive
(i) a cash payment equal to nine months' worth of his current base salary plus 75% of his target annual bonus,
(ii) 50%
vesting of each of his unvested options, and (iii) payments of
his health insurance premiums under
COBRA for a period of up to nine months.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: February 23, 2012
WORLD HEART CORPORATION
By:
/s/ Morgan R. Brown
Name:
Title:
Morgan R. Brown
Executive Vice President and Chief Financial Officer