Breaking News

Tweet TWEET

Sunshine Heart to Delist From the Australian Securities Exchange

Sunshine Heart to Delist From the Australian Securities Exchange 
EDEN PRAIRIE, MN and SYDNEY, AUSTRALIA -- (Marketwire) -- 01/29/13 --
 Sunshine Heart, Inc. (NASDAQ: SSH) (ASX: SHC) (Sunshine Heart)
announced today that it intends to delist from the official list of
the ASX during the first half of the 2013 calendar year.  
Sunshine Heart is currently listed on two stock exchanges -- ASX and
the NASDAQ Capital Market (NASDAQ). After careful consideration, the
Sunshine Heart board believes it is in the best interest of the
Company and all of its shareholders that Sunshine Heart seek removal
from the official list of the ASX for the following reasons: 


 
--  low liquidity in trading in CHESS Depositary Interests (CDIs) on ASX
    compared to common shares on NASDAQ (an average of only 4.2% of all
    trades in the Company's securities were executed through ASX in the
    fourth quarter ended 31 December 2012); and
--  the CDIs held on the Australian register represent only 18.9% of
    Sunshine Heart's total issued capital (or only 17.4% if you exclude
    the directors' holdings and shareholders with holdings of greater than
    5%) at 18 January 2013.

  
The common shares of Sunshine Heart will continue to be listed on
NASDAQ. 
Further details of the proposed delisting process, including
timetable and the options available to CDI holders will be mailed to
CDI holders and posted to the Company's website within the next week. 
About the C-Pulse(R) Heart Assist System
 The C-Pulse Heart Assist
System, or C-Pulse System, an investigational device in the United
States, Canada and countries that do not recognize the CE Mark
approval, utilizes the scientific principles of intra-aortic balloon
counter-pulsation applied in an extra-aortic approach 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
extra-aortic approach of the C-Pulse technology offers greater
flexibility, allowing patients to safely disconnect to have intervals
of freedom to perform certain activities such as showering. The
C-Pulse System may help maintain the patient's current condition and,
in some cases, reverse the heart failure process, thereby potentially
preventing the need for later stage heart failure therapies, such as
left ventricular assist devices (LVADs), artificial hearts or
transplants.  
Caution: Investigational device, limited by Federal (or United
States) Law to Investigational use. 
About Sunshine(R) Heart  
Sunshine Heart, Inc. (NASDAQ: SSH) (ASX: SHC) is an early-stage
global medical device company committed to the commercialization of
the C-Pulse System, an implantable, non-blood contacting, heart
assist therapy for the treatment of moderate to severe heart failure.
The C-Pulse System can be implanted using a minimally invasive
procedure and is designed to relieve the symptoms of heart failure
through the use of counter-pulsation technology, which enables an
increase in cardiac output, an increase in coronary blood flow and a
reduction in the heart's pumping load. Sunshine Heart has completed
an approved U.S. Food and Drug Administration (FDA) feasibility
clinical trial of the C-Pulse System and presented the results in
November 2011. In March, 2012, the FDA notified the Company that it
could move forward with an investigational device exemption (IDE)
application. Sunshine Heart received unconditional approval from the
FDA in November 2012 to initiate its pivotal trial. In July 2012
Sunshine Heart received CE Mark approval for its C-Pulse System in
Europe. Sunshine Heart is a Delaware corporation headquartered in
Minneapolis with a subsidiary presence in Australia. The Company has
been listed on the Australian Securities Exchange (ASX) since
September 2004 and on the NASDAQ Capital Market since February 2012.
For more information, please visit www.sunshineheart.com. 
Forward-Looking Statements  
Certain statements in this release are forward-looking statements
that are based on management's beliefs, assumptions and expectations
and information currently available to management. All statements
that address future operating performance, events or developments
that we expect or anticipate will occur in the future are
forward-looking statements, including without limitation, our
expectations with respect to future clinical trial activities and
results including patient enrollment in trials. These forward-looking
statements are subject to numerous risks and uncertainties, including
without limitation, the possibility that our clinical trials do not
meet their enrollment goals, meet their end-points or otherwise fail,
that regulatory authorities do not accept our application or approve
the marketing of the C-Pulse System, the possibility we may be unable
to raise the funds necessary for the development and
commercialization of our products, that we may not be able to
commercialize our products successfully in the EU and the other risk
factors described under the caption "Risk Factors" and elsewhere in
our filings with the U.S. Securities and Exchange Commission and ASX.
You should not place undue reliance on forward-looking statements
because they speak only as of the date when made and may turn out to
be inaccurate. We do not assume any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. We may not actually achieve
the plans, projections or expectations disclosed in forward-looking
statements, and actual results, developments or events could differ
materially from those disclosed in the forward-looking statements. 
For further information, please contact:  
Jeff Mathiesen
Chief Financial Officer
+1 952 345 4200