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Sunshine Heart Completes First Tranche of $20 million Institutional Capital Raising
14 / 11 / 2006
Sunshine Heart today advised that it has now received $13.8 million from investors. This represents the first tranche of the $20 million institutional Capital Raising approved by shareholders at the Extraordinary General Meeting held on 20 October 2006.
Consequently the Company will be issuing 92,013,641 new shares at $0.15 per share and 27,604,079 options each with an exercise price of $0.20 and a three year term.
The new lead investor was CM Capital with significant follow-on investments from existing investors GBS Venture Partners Ltd, Three Arch Partners and PCLM Investments Pty Ltd.
As advised at the Extraordinary General Meeting these funds will be used to progress Sunshine Heart's ongoing pilot clinical trial in Australia and New Zealand, to further develop the C-PulseT driver and to prepare for the planned clinical trial in the USA.
"We are delighted to have completed the first tranche raising," said Victor Windeyer, COO of Sunshine Heart.
"Sunshine Heart has received outstanding support from institutional investors. These funds will help us to achieve our 2007 goal of expanding clinical trials into the United States, which is an essential step towards providing the unique C-PulseTM to improve the heart failure patients' quality of life."
The $6 million Tranche 2 of the Capital Raising is subject to the United States Food and Drug Administration (FDA) approving the Company's application for its US Investigational Device Exemption (IDE) human clinical trial of the C-PulseT device.
The Company is scheduled to have a pre-IDE meeting with the FDA this week. It is anticipated that the formal IDE application will be made by 30 June 2007.
Consequently the Company will be issuing 92,013,641 new shares at $0.15 per share and 27,604,079 options each with an exercise price of $0.20 and a three year term.
The new lead investor was CM Capital with significant follow-on investments from existing investors GBS Venture Partners Ltd, Three Arch Partners and PCLM Investments Pty Ltd.
As advised at the Extraordinary General Meeting these funds will be used to progress Sunshine Heart's ongoing pilot clinical trial in Australia and New Zealand, to further develop the C-PulseT driver and to prepare for the planned clinical trial in the USA.
"We are delighted to have completed the first tranche raising," said Victor Windeyer, COO of Sunshine Heart.
"Sunshine Heart has received outstanding support from institutional investors. These funds will help us to achieve our 2007 goal of expanding clinical trials into the United States, which is an essential step towards providing the unique C-PulseTM to improve the heart failure patients' quality of life."
The $6 million Tranche 2 of the Capital Raising is subject to the United States Food and Drug Administration (FDA) approving the Company's application for its US Investigational Device Exemption (IDE) human clinical trial of the C-PulseT device.
The Company is scheduled to have a pre-IDE meeting with the FDA this week. It is anticipated that the formal IDE application will be made by 30 June 2007.