UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

World Heart Corporation

(Name of issuer)

Common Stock, $0.001 par value per share

(Title of class of securities)

980905301

(CUSIP number)

Craig L. Slutzkin

New Leaf Venture Management II, L.L.C.,

Times Square Tower

7 Times Square, Suite 3502

New York, NY 10036

(646) 871-6420

(Name, address and telephone number of person authorized to receive notices and communications)

October 19, 2010

(Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not

required to respond unless the form displays a currently valid OMB control number.

Schedule 13D

This Amendment No. 2 to the statement on Schedule 13D (this “Amendment No. 2”) amends and supplements the statement on Schedule 13D filed on August 8, 2008 (the “Original 13D”) as amended by Amendment No. 1 to the statement on Schedule 13D filed on February 4, 2010 (“Amendment No. 1” and, together with the Original 13D and Amendment No. 2, the “Schedule 13D”), and relates to the common stock, $.001 par value (the “Common Stock”) of World Heart Corp. (the “Issuer”) having its principal executive office at 4750 Wiley Post Way, Suite 120, Salt Lake City, UT 84116.

The purpose of this Amendment is to reflect the acquisition by the Reporting Persons of 2,341,920 shares of Common Stock and warrants to purchase up to an additional 2,341,920 shares of Common Stock in the aggregate. Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported on the Original 13D. Capitalized terms used but not otherwise defined in this Amendment No. 2 shall have the meanings ascribed to them in the Original 13D.

This statement is being filed by New Leaf Ventures II, L.P. (“NLV II”), New Leaf Venture Associates II, L.P. (“NLV Associates”) and New Leaf Venture Management II, L.L.C. (“NLV Management” and together with NLV II and NLV Associates, the “Reporting Entities”) and Philippe O. Chambon (“Chambon”), James Niedel (“Niedel”), Vijay Lathi (“Lathi”), Ronald Hunt (“Hunt”), Srinivas Akkaraju (“Akkaraju”) and Jeani Delagardelle (“Delagardelle” and together with Chambon, Niedel, Lathi, Hunt and Akkaraju, the “Managing Directors”). Delagardelle is also a director of the Issuer. The Reporting Entities and the Managing Directors collectively are referred to as the “Reporting Persons”.

The address of the principal business office of NLV II, NLV Associates, NLV Management, Chambon, Niedel and Hunt is New Leaf Venture Partners, Times Square Tower, 7 Times Square, Suite 3502, New York, NY 10036. The address of the principal business office of Lathi, Akkaraju and Delagardelle is New Leaf Venture Partners, 2500 Sand Hill Road, Suite 203, Menlo Park, CA 94025.

The principal business of NLV II is to make, hold and dispose of equity and equity-related investments, principally in healthcare, medical device and life sciences companies. The principal business of NLV Associates is to act as the sole general partner of NLV II. The principal business of NLV Management is to act as the sole general partner of NLV Associates. The principal business of each of the Managing Directors is to manage the Reporting Entities and a number of affiliated partnerships with similar businesses.

During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Each of NLV II and NLV Associates is a limited partnership organized under the laws of the State of Delaware. NLV Management is a limited liability company organized under the laws of the State of Delaware. Each Managing Director other than Philippe O. Chambon is a citizen of the United States. Philippe O. Chambon is a citizen of France.

NLV II acquired 2,341,920 shares of Common Stock and a five-year warrant exercisable at an exercise price of $2.31 per share for up to 2,341,920 shares of Common Stock (the “Warrant”) from the Issuer for an aggregate purchase price of $4,999,999.20 on October 19, 2010 (the purchase of the shares of Common Stock and the Warrants being collectively referred to hereinafter as the “Transaction”). No part of the purchase price in the Transaction was represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the shares.

NLV II acquired the Common Stock and the Warrants for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, NLV II and other Reporting Persons may dispose of or acquire additional shares of the Issuer. Pursuant to the terms of the Securities Purchase Agreement dated October 13, 2010 (the “Securities Purchase Agreement”), which was entered into by and among NLV II, the Issuer, and certain other shareholders (the “Other Shareholders”), NLV II purchased (i) 2,341,920 shares of the Common Stock of the Issuer and (ii) the Warrant. The Warrant is immediately exercisable and is exercisable until the fifth anniversary of the date of issuance. Except as set forth above, none of the Reporting Persons has any present plans which relate to or would result in:

As of October 26, 2010, Delagardelle holds options to purchase 16,000 shares of Common Stock, of which 8,000 are exercisable within sixty days (the “Delagardelle Shares”). Accordingly, Delagardelle may be deemed to be the beneficial owner of the Delagardelle Shares in addition to the NLV II Shares, for a total of 9,190,223 shares of Common Stock.

The percentage of outstanding Common Stock of the Issuer which may be deemed to be beneficially owned by each Reporting Person is set forth on Line 13 of such Reporting Person’s cover sheet. Such percentages are calculated based upon 26,581,109 shares reported to be outstanding.

Each of the Reporting Persons, except NLV II, disclaims beneficial ownership of the NLV II Shares except to the extent of their pecuniary interest therein, if any.

The response to Item 4 is incorporated by reference.

In connection with the Securities Purchase Agreement, the Issuer, NLV II, and the Other Shareholders entered into a Registration Rights Agreement, dated October 13, 2010 (the “Registration Rights Agreement”), which grants NLV II certain rights with respect to registration under the Securities Act of 1933, as amended (the “Act”). Under the terms of the Registration Rights Agreement, within thirty days after October 19, 2010 (the “Closing Date”), the Issuer is obligated to file with the SEC a registration statement on Form S-3 (or, if the Issuer is not then eligible to use Form S-3 to register the resale of the Registrable Securities, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities) covering the resale of the Registrable Securities. Registrable Securities are defined as (i) the shares of Common Stock acquired by the Investors pursuant to the Securities Purchase Agreement and (ii) any other securities issued or issuable with respect to or in exchange for Registrable Securities; provided, that, a security shall cease to be a Registrable Security upon (A) sale pursuant to a Registration Statement or Rule 144 under the Act, or (B) such security becoming eligible for sale without notice or restriction (including without limitation any restriction relating to the availability of current public information about the Issuer and any volume restrictions) by the Investors pursuant to Rule 144.

Under the terms of the Registration Rights Agreement, NLV II and the Other Shareholders also have certain “piggy-back” rights, which provide if at any time following the date of the Registration Rights Agreement that any Registrable Securities remain outstanding (A) there is not one or more effective Registration Statements covering all of

the Registrable Securities and (B) the Issuer proposes for any reason to register any shares of Common Stock under the Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar or successor form)) with respect to an offering of Common Stock by the Issuer for its own account or for the account of any of its stockholders, it shall at each such time promptly give written notice to the holders of the Registrable Securities of its intention to do so and, to the extent permitted under the provisions of Rule 415 under the Act, include in such registration all Registrable Securities with respect to which the Issuer has received written requests for inclusion therein within fifteen days after receipt of the Issuer’s notice. Such notice shall offer the holders of the Registrable Securities the opportunity to register such number of shares of Registrable Securities as each such holder may request and shall indicate the intended method of distribution of such Registrable Securities. All registration rights terminate after the earlier of (i) the date on which all Registrable Securities covered by such registration statement as amended from time to time, have been sold, and (ii) the date on which all Registrable Securities covered by such registration statement may be sold without notice or restriction pursuant to Rule 144 of the Act, including, without limitation, any restriction relating to the availability of current public information about the Issuer and any volume restrictions.

To the knowledge of the Reporting Persons, except for the matters described herein, the Reporting Persons have no contract, arrangement, understanding or relationship (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other person with respect to any securities of the Issuer. The summaries of the terms of the Securities Purchase Agreement and the Registration Rights Agreement set forth herein are qualified in their entirety by reference to Exhibits 99.1 and 99.2, respectively.

Exhibit 99.1 – Securities Purchase Agreement.*

Exhibit 99.2 – Registration Rights Agreement.*

Exhibit 99.3 – Agreement regarding filing of joint Schedule 13D.

Exhibit 99.4 – Powers of Attorney regarding Schedule 13D filings.

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: October 28, 2010

AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of shares of stock of World Heart Corp.

EXECUTED this 28th day of October, 2010.

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints CRAIG L. SLUTZKIN as his true and lawful attorney-in-fact and agent for him and in his name, place and stead, in any and all capacities, to sign any and all documents relating to any and all Securities and Exchange Commission filings which may be required, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, thereby ratifying and confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue hereof.

This power shall continue in effect until terminated in writing.

Dated: October 5, 2005

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints CRAIG L. SLUTZKIN as his/her true and lawful attorney-in-fact and agent for him/her and in his/her name, place and stead, in any and all capacities, to sign any and all documents relating to any and all Securities and Exchange Commission filings which may be required, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in person, thereby ratifying and confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue hereof.

This power shall continue in effect until terminated in writing.

Dated: September 29, 2006

POWER OF ATTORNEY

KNOWN ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints CRAIG L. SLUTZKIN as his true and lawful attorney-in-fact and agent for him and in his name, place and stead, in any and all capacities, to sign any and all documents relating to any and all Securities and Exchange Commission filings which may be required, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, thereby ratifying and confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue hereof.

This power shall continue in effect until terminated in writing.

Dated: February 2, 2009