SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               ------------------

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                              RULE 13a-16 OR 15d-16
                                     OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                         For the month of December 2001




                             World Heart Corporation

                                 1 Laser Street
                                 Ottawa, Ontario
                                     K2E 7V1







Indicate by check mark whether the registrant  files or will file annual reports
under cover Form 20-F or Form 40-F.

                              Form 20-F X      Form 40-F
                                        --              --


Indicate by check mark whether the  registrant  by  furnishing  the  information
contained  in this  Form is  also  thereby  furnishing  the  information  to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                              Yes              No X
                                 --               --


If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):82-________.


<PAGE>

                                  NEWS RELEASE


For immediate release


                             WORLD HEART CORPORATION
                   ANNOUNCES CLOSING OF $20 MILLION FINANCING


OTTAWA,  Ontario - December  20,  2001:  (NASDAQ:  WHRT,  TSE:  WHT) World Heart
Corporation  ("WorldHeart" or the "Corporation") announces that it has completed
the previously announced sale of 3,027,000 special warrants ("Special Warrants")
at a price of Cdn $5.50 per Special Warrant,  for gross proceeds of $16,648,500.
Each Special Warrant is exercisable,  without additional consideration,  for one
Unit, with each Unit  representing  one common share of the  Corporation,  and a
warrant to purchase a common share.  Each warrant will be  exercisable  into one
common  share at an  exercise  price of Cdn  $6.01 per share for a period of two
years.  The  Corporation  also announced the closing of a separate  transaction,
whereby a labour sponsored venture capital corporation has purchased, at a price
of Cdn $5.50 per share, shares of a new research and development corporation for
gross  proceeds  of  $3,503,500.  These  shares  will  be  exchangeable  for  an
equivalent number of Units. The financing was led by Yorkton  Securities Inc. in
Canada and the syndicate  included First  Associates  Investments Inc. The total
gross proceeds from both transactions are $20,152,000.

Prior to the exercise of the Special Warrants,  WorldHeart has 14,943,127 common
shares issued and outstanding.

WorldHeart  intends to use the proceeds  from these private  placements  towards
continued   funding   of  its   pre-clinical   and   clinical   trials  for  its
HeartSaverVAD(TM),  clinical trial funding and marketing expenses related to its
Novacor(R) LVAS, and general corporate purposes.

The Special  Warrants and the  underlying  common  shares will not be registered
under  the U.S.  Securities  Act of 1933 and may not be  offered  or sold in the
United States or to U.S.  persons unless an exemption from such  registration is
available.

World  Heart  Corporation,  a global  medical  device  company  based in Ottawa,
Ontario and Oakland,  California,  is currently  focused on the  development and
commercialization  of pulsatile  ventricular assist devices. Its Novacor(R) Left
Ventricular  Assist System (LVAS) is already well established in the marketplace
and its next generation  technology,  HeartSaverVAD(TM),  is a fully implantable
assist device intended for long-term support of patients with heart failure.


                                   WORLDHEART
     WORLD HEART CORORATION - 1 LASER STREET OTTAWA, ONTARIO, CANADA K2E 7V1
                   PHONE: (613) 226-4278 - FAX: (613) 226-1008
                               www.worldheart.com

<PAGE>


                                        2


Any  forward-looking  statements  in this release are made  pursuant to the safe
harbour  provisions  of the Private  Securities  Litigation  Reform Act of 1995.
Investors are cautioned  that all  forward-looking  statements  involve risk and
uncertainties,  including without  limitation,  risks in product development and
market  acceptance  of and  demand  for the  Corporation's  products,  risks  of
downturns in economic conditions generally,  and in the medical devices markets,
risks  associated  with  costs  and  delays  posed  by  government   regulation,
limitations  on third  party  reimbursement,  inability  to protect  proprietary
technology,  potential  product  liability  and  other  risks  detailed  in  the
Corporation's  filings with the U.S.  Securities  and Exchange  Commission.  All
financial  figures are prepared in accordance with Canadian  generally  accepted
accounting principles (GAAP) and are expressed in Canadian dollars



For further information, contact:


Shareholder and Financial Community
Ian W. Malone
Vice-President Finance and Chief Financial Officer
Ph: 613-226-4278 x 2300
Email: ian.malone@worldheart.com

Media
Michelle Banning, Manager Corporate Communications
Ph: 613-226-4278 x 2995
Email: michelle.Banning@worldheart.com


<PAGE>

                                   SIGNATURES


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, thereunto duly authorized.


                                        World Heart Corporation


Date: December 21, 2001                 By:  /s/ Ian Malone
                                            ------------------------------------
                                            Name:   Ian Malone

                                            Title:  Vice President Finance and
                                                    Chief Financial Officer