Cardiac medical device firm Sunshine Heart (ASX:SHC) raised $4.6 million by selling 115 million shares in a private placement with institutional investors in the U.S. and Canada at 4 cents per share.
The Eden Prairie, Minnesota-based company is developing the C-Pulse(R) Heart Assist System, an implantable, non-blood-contacting, heart assist therapy to treat moderate to severe heart failure.
C-Pulse is designed to relieve heart failure symptoms through balloon counter-pulsation technology that helps the heart by reducing the workload of the left ventricle. The balloon inflation and deflation is designed to synchronize with a patient’s heartbeat, akin to a pacemaker.
The FDA granted Sunshine approval to conduct a U.S. feasibility trial with the C-Pulse System and the newly raised funds will go toward clinical trials and product development.
“The continued confidence demonstrated by the investment community exemplifies the growing excitement around the C-Pulse Heart Assist System for treatment of Class III and ambulatory Class IV heart failure,” Sunshine Heart’s CEO Dave Rosa said in a press release.
Sunshine plans to raise an additional $9.1 million in August from investors in the U.S., Canada and Australia. In addition to paying for the clinical trials, the money will be used to develop a fully implantable wireless version of C-Pulse.
Here’s a roundup of other dealflow and investment news:
- Oncoscope lands $891,000 for optical imaging
Optical imaging company Oncoscope
Inc. has raised nearly $891,000 of a $2 million funding round, according to an SEC filing. So far funding for the Durham, N.C.-based company has come from sales of equity and warrants across 34 unnamed investors.
- Stanmore Implants touts $6.5 million investment from Imperial Innovations
Customized orthopedic implant maker Stanmore Implants landed a £4 million investment from Imperial Innovations Group plc, which comes to more than $6.5 million U.S. Stanmore just announced FDA clearance for its Juvenile Tumour System, an extendible femur implant that can grow as the patient does, for use in pediatric oncology.