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Sunshine Heart Completes $3.3 million Capital Raising
13 / 12 / 2005
Key points:
- Sunshine Heart Inc completes a private placement to institutional and sophisticated investors raising approximately $3.3 million at 19.5 cents per share.
- The proceeds will be applied to the clinical trial in Australia and to progress the development of Sunshine Heart's own C-PulseTM driver more rapidly.
Sydney, Australia: Sunshine Heart Inc., (ASX: SHC) has raised approximately $3.3 million through the issue of approximately 16.9 million CDIs (CHESS Depository Interests) to institutional and sophisticated investors in Australia and New Zealand. The placement was managed by Intersuisse Corporate Pty Ltd. Up to 15% of the CDI's issued immediately under ASX listing Rule 7.1. The remainder of the placement is conditional upon shareholder approval. This will be sought at an Extraordinary General Meeting to be held on Monday January 16, 2006. Notices of this meeting will be sent to shareholders shortly.
The proceeds of the capital raising will, when combined with existing cash and the $2.2 million Commercial Ready grant announced recently, provide the Company with greater financial capacity to increase the rate of recruitment of patients for the long term human clinical trial and the rate at which the C-PulseTM driver can be developed.
Malcolm McComas, Chairman of Sunshine Heart said: "We are encouraged by the interest in Sunshine Heart by a number of new institutions that have participated in the placement. This is an important endorsement of the substantial progress that the company has made this year."
Donald Rohrbaugh, CEO of Sunshine Heart added: "Sunshine Heart will now progress towards the completion of the clinical trial and progress the driver development to the point of allowing an IDE (Investigational Device Exemption) application to be filed with the FDA. These are all key milestones for the Company and we are now well funded to undertake these activities.
The new CDIs will be issued, following approval by shareholders where necessary, and will rank equally with the Company's existing CDIs. The Company will apply to the ASX for quotation of the shares following their issue.
More information about the C-PulseTM heart assist device may be obtained at www.sunshineheart.com
Investigational Device Exemption (IDE)
An investigational device exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Pre-market Approval (PMA) application submission to FDA (Food and Drug Administration).
CHESS Depositary Interest (CDI)
A CDI is a CHESS Depositary Interest and represents a beneficial interest in the underlyingshare. This is a financial instrument that allows investors to buy stock in a foreign registered company using the currency appropriate to the country of listing. For example, Sunshine Heart is listed on the ASX and is traded in Australian dollars even though the company is registered in Delaware, USA. One CDI is equivalent to one ordinary share.
- Sunshine Heart Inc completes a private placement to institutional and sophisticated investors raising approximately $3.3 million at 19.5 cents per share.
- The proceeds will be applied to the clinical trial in Australia and to progress the development of Sunshine Heart's own C-PulseTM driver more rapidly.
Sydney, Australia: Sunshine Heart Inc., (ASX: SHC) has raised approximately $3.3 million through the issue of approximately 16.9 million CDIs (CHESS Depository Interests) to institutional and sophisticated investors in Australia and New Zealand. The placement was managed by Intersuisse Corporate Pty Ltd. Up to 15% of the CDI's issued immediately under ASX listing Rule 7.1. The remainder of the placement is conditional upon shareholder approval. This will be sought at an Extraordinary General Meeting to be held on Monday January 16, 2006. Notices of this meeting will be sent to shareholders shortly.
The proceeds of the capital raising will, when combined with existing cash and the $2.2 million Commercial Ready grant announced recently, provide the Company with greater financial capacity to increase the rate of recruitment of patients for the long term human clinical trial and the rate at which the C-PulseTM driver can be developed.
Malcolm McComas, Chairman of Sunshine Heart said: "We are encouraged by the interest in Sunshine Heart by a number of new institutions that have participated in the placement. This is an important endorsement of the substantial progress that the company has made this year."
Donald Rohrbaugh, CEO of Sunshine Heart added: "Sunshine Heart will now progress towards the completion of the clinical trial and progress the driver development to the point of allowing an IDE (Investigational Device Exemption) application to be filed with the FDA. These are all key milestones for the Company and we are now well funded to undertake these activities.
The new CDIs will be issued, following approval by shareholders where necessary, and will rank equally with the Company's existing CDIs. The Company will apply to the ASX for quotation of the shares following their issue.
More information about the C-PulseTM heart assist device may be obtained at www.sunshineheart.com
Investigational Device Exemption (IDE)
An investigational device exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Pre-market Approval (PMA) application submission to FDA (Food and Drug Administration).
CHESS Depositary Interest (CDI)
A CDI is a CHESS Depositary Interest and represents a beneficial interest in the underlyingshare. This is a financial instrument that allows investors to buy stock in a foreign registered company using the currency appropriate to the country of listing. For example, Sunshine Heart is listed on the ASX and is traded in Australian dollars even though the company is registered in Delaware, USA. One CDI is equivalent to one ordinary share.