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Home » Cardiac medical device firm Sunshine Heart raises $4.6 million | Funding Roundup

Cardiac medical device firm Sunshine Heart raises $4.6 million | Funding Roundup

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Sunshine Heart

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.

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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.

Funding

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