Sydney, Australia – [24 September 2009]: Sunshine Heart, Inc. (ASX: SHC) is pleased to announce that its partially underwritten non-renounceable rights issue of new ordinary shares to raise a maximum of $8.1 million (before offer costs) closed successfully on 21 September 2009 in accordance with the timetable set out in the Offer Booklet.
Existing shareholders have subscribed for 197,569,471 new shares equivalent to $7.9 million. 3,836,863 shortfall shares under the rights issue have been placed by RBS Morgans which means that the maximum amount of $8.1 million has been raised through the rights issue, taking the total amount raised under the placement and rights issue to $9.8 million. Sunshine Heart’s Chief Executive, Don Rohrbaugh said that the support of shareholders was very encouraging and the funds will allow the Company to complete enrolment and patient follow-up in the Company's US Food and Drug Administration (FDA) 20 patient feasibility trial of C-Pulse and preparation for the CE Mark application.
Holding statements for the new ordinary shares allotted will be dispatched on or before 29 September 2009.
About Sunshine Heart
Sunshine Heart (ASX: SHC) (www.sunshineheart.com) is a global medical device company, committed to the commercialization of C-Pulse™ an implantable, non-blood contacting, heart assist therapy for the treatment of people with moderate heart failure: a condition where the heart progressively loses its ability to efficiently pump blood throughout the body. C-Pulse reduces the symptoms of heart failure through the use of counterpulsation technology which enables an increase in cardiac output, an increase in coronary blood flow and a reduction in the heart’s pumping workload. The Company currently has received approval from the U.S. Food and Drug Administration (FDA) to conduct a 20 person US feasibility clinical trial with C-Pulse and patient enrolment and implants have commenced. Sunshine Heart listed on the ASX in September 2004 and has a presence in Australia, New Zealand and the United States of America.
Existing shareholders have subscribed for 197,569,471 new shares equivalent to $7.9 million. 3,836,863 shortfall shares under the rights issue have been placed by RBS Morgans which means that the maximum amount of $8.1 million has been raised through the rights issue, taking the total amount raised under the placement and rights issue to $9.8 million. Sunshine Heart’s Chief Executive, Don Rohrbaugh said that the support of shareholders was very encouraging and the funds will allow the Company to complete enrolment and patient follow-up in the Company's US Food and Drug Administration (FDA) 20 patient feasibility trial of C-Pulse and preparation for the CE Mark application.
Holding statements for the new ordinary shares allotted will be dispatched on or before 29 September 2009.
About Sunshine Heart
Sunshine Heart (ASX: SHC) (www.sunshineheart.com) is a global medical device company, committed to the commercialization of C-Pulse™ an implantable, non-blood contacting, heart assist therapy for the treatment of people with moderate heart failure: a condition where the heart progressively loses its ability to efficiently pump blood throughout the body. C-Pulse reduces the symptoms of heart failure through the use of counterpulsation technology which enables an increase in cardiac output, an increase in coronary blood flow and a reduction in the heart’s pumping workload. The Company currently has received approval from the U.S. Food and Drug Administration (FDA) to conduct a 20 person US feasibility clinical trial with C-Pulse and patient enrolment and implants have commenced. Sunshine Heart listed on the ASX in September 2004 and has a presence in Australia, New Zealand and the United States of America.