Sunshine Heart, Inc. Announces Proposed Public Offering of Common Shares

Sunshine Heart, Inc. Announces Proposed Public Offering of Common Shares 
EDEN PRAIRIE, MN and SYDNEY, AUSTRALIA -- (Marketwired) -- 04/10/13
--  Sunshine Heart, Inc. (NASDAQ: SSH) (ASX: SHC) announced that it
has commenced an underwritten public offering of its common stock
pursuant to its effective shelf registration statement previously
filed with the U.S. Securities and Exchange Commission (SEC).
Canaccord Genuity is acting as sole book-running manager for the
offering. In addition, Sunshine Heart expects to grant the
underwriter a 30-day option to purchase up to an additional 15
percent of the shares of common stock offered in the public offering
solely to cover over-allotments, if any. The offering is subject to
customary conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or terms
of the offering. 
Sunshine Heart currently intends to use the net proceeds for general
corporate purposes, including its ongoing clinical trial and product
development activities. 
The offering is being made pursuant to a shelf registration statement
(File No. 333-187273) (including a prospectus) previously filed with
and declared effective by the SEC. Prospective investors should read
the prospectus in that registration statement, the preliminary
prospectus supplement relating to the offering, and other documents
that Sunshine Heart has filed with the SEC for more complete
information about Sunshine Heart and the offering. When available, a
copy of the preliminary prospectus supplement and the accompanying
prospectus relating to these securities may be obtained by contacting
Canaccord Genuity Inc., Attention: Syndicate Department, 99 High
Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at
(617) 371-3900. Electronic copies of the preliminary prospectus
supplement and the accompanying prospectus are also available free of
charge on the website of the SEC at  
The prospectus has not been lodged with the Australian Securities and
Investments Commission and is not a prospectus under Chapter 6D of
the Australian Corporations Act 2001 (Cth) (Corporations Act). The
offering of securities will be made in Australia only to persons to
whom it is lawful to offer shares without disclosure under one or
more of the exemptions set out in section 708 of the Corporations
The proposed capital raising does not require securityholder approval
under the ASX Listing Rules as the Company has received a waiver from
ASX Listing Rule 7.1 in light of its imminent delisting. 
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. 
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. Combined, these potential benefits may help sustain the
patient's current condition or, in some cases, reverse the heart
failure process, thereby potentially preventing the need for
later-stage heart failure devices, such as left ventricular assist
devices (LVADs), artificial hearts or transplants. It may also
provide relief from the symptoms of Class III and ambulatory Class IV
heart failure and improve quality of life and cardiac function. Based
on the results from our feasibility trial, we also believe that some
patients treated with our C-Pulse System will be able to stop using
the device due to sustained improvement in their conditions as a
result of the therapy. 
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 medical device company focused on developing,
manufacturing and commercializing the C-Pulse System for treatment of
Class III and ambulatory Class IV heart failure. 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 wholly owned subsidiary 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.  
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 the offering, its size and timing,
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, that
the offering may not be successful or may result in lower proceeds
than anticipated, 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 that 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 SEC 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:  
Laura Forman 
Blueprint Life Science Group
T: +1-415-375-3340 
Jeff Mathiesen
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4200  
Press spacebar to pause and continue. Press esc to stop.