Sunshine Heart raises $5M, readies for C-Pulse trials

Sunshine Heart, a cardiac device company based in Eden Prairie, MN and Australia, has raised A$4.6 million ($5.03 million) by selling 115 million shares with institutional investors. The company is developing an implantable device to treat moderate to severe heart failure. The device, called the C-Pulse Heart Assist System, has been granted approval to conduct a feasibility clinical trial.

The device takes care of heart-failure symptoms by using a balloon counter-pulsation technology that takes a load off the left ventricle of the heart. The balloon inflates and deflates in sync with the patient's heartbeat, much like a pacemaker.

Sunshine wants to raise another A$9.1 million ($10 million) in August. In December 2010, the company completed A$9.5 million in financing via a rights issue to existing shareholders. In September, the company raised A$3.7 million via similar means.

"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," said Dave Rosa, Sunshine Heart's chief executive officer, in a release.

- read the story in MedCity News