Sunshine Heart, Inc. Prices $13.1 Million Public Offering of Common Shares

Sunshine Heart, Inc. Prices $13.1 Million Public Offering of Common Shares 
EDEN PRAIRIE, MN and SYDNEY, AUSTRALIA -- (Marketwired) -- 04/11/13
--  Sunshine Heart, Inc. (NASDAQ: SSH) (ASX: SHC) announced today the
pricing of its previously announced offering of 2,500,000 shares of
its common stock at a price to the public of $5.25 per share in an
underwritten public offering 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
has granted the underwriter a 30-day option to purchase up to an
additional 375,000 shares solely to cover over-allotments, if any.
The offering is expected to close on or about April 16, 2013, subject
to customary closing conditions. 
Sunshine Heart currently intends to use the net proceeds from the
offering 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 final prospectus
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. A copy of the 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
prospectus supplement and the accompanying prospectus are also
available free of charge on the website of the SEC at www.sec.gov.  
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
Act. 
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 closing of the offering and the
timing thereof, 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 close due to
failure of any condition precedent or otherwise or may close later
than we currently anticipate, 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:  
Media:
Laura Forman 
Blueprint Life Science Group
T: +1-415-375-3340 
Investor Relations:
Jeff Mathiesen
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4200  
 
 
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