Sunshine Heart, Inc. Closes Public Offering of Common Shares

Sunshine Heart, Inc. Closes Public Offering of Common Shares 
EDEN PRAIRIE, MN and SYDNEY, AUSTRALIA -- (Marketwired) -- 04/16/13
--   Sunshine Heart, Inc. (NASDAQ: SSH) (ASX: SHC) announced today
the closing of its previously announced underwritten public offering
of 2,875,000 shares of its common stock, which includes the full
overallotment of 375,000 shares, at a price to the public of $5.25
per share. The net proceeds from the sale of shares by Sunshine
Heart, after underwriting discounts and other offering expenses,
total approximately $14.0 million. 
Canaccord Genuity acted as sole book-running manager for the
offering.  
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 was made pursuant to a shelf registration statement
(File No. 333-187273) (including a prospectus) previously filed with
and declared effective by the U.S. Securities and Exchange Commission
(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 was not 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 was 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 capital raise did 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 immine
nt 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 net proceeds from the offering,
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 net proceeds may be lower than we currently expect due to
increased offering expenses or otherwise, 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:
Jeff Mathiesen
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4200