Terms of the placement are identical to the first tranche, which closed on July 27, 2011. Investors also receive warrants to purchase 3 shares of common stock for every ten shares purchased, at an exercise price of $0.056 per share (4-year term). RBS Morgans was the exclusive Australian placement agent for the transaction.
“As we progress to our next important stage of development, we are expanding our investor base in North America. Australasian investors have been included in the placement on the same terms and conditions. The Board and the management team very much appreciate the continuing support from our long-standing shareholders who participated in this financing, including our largest shareholder, CM Capital. We are very encouraged by the quality of new investors joining the registry. This is an exciting time for Sunshine Heart, and this financing is an essential part of our accelerating development,” said Dave Rosa, Sunshine Heart’s Chief Executive Officer.
The Company has shareholder approval to issue up to an additional 170.6 million shares on the same terms until September 16, 2011, the cut-off date agreed with participants in the first tranche of the placement. Thus far, $6.8 million has been raised.
About the C-Pulse Heart Assist System
C-Pulse Heart Assist System utilizes an extra-aortic approach to proven intra-aortic balloon counter pulsation technology to assist the left ventricle by reducing the workload required to pump blood throughout the body, while increasing blood flow to the coronary arteries. Operating outside the patient’s bloodstream, the novel extra-aortic approach of the C-Pulse technology offers greater flexibility allowing patients to disconnect as necessary or desired... [PDF] Sunshine Heart's Press Release -
