Sunshine Heart to raise $14.7M

Company News

Global medical device company Sunshine Heart Inc (ASX:SHC) has announced a US private placement and rights issue to raise a total of $14.7 million.

The company is engaged in commercialising C-Pulse, an implantable, heart assist therapy to treat people with moderate heart failure.

Sunshine says it has secured commitments from US based institutional investors for a placement $3.7 million through specialist US healthcare group Summer Street Research Partners.

At the request of US based investors Sunshine says it will also seek a listing on the Nasdaq.

The company will also launch a rights issue at 2.8 cents a share to raise up to $11 million.

The proceeds of the placement and rights issue will go towards, among other things, product development and advancing regulatory trials of C-Pulse in the US.

Sunshine Heart reported a loss for the year to June 30, 2010.