Sunshine Heart's public offering pulls in $18M

Sunshine Heart ($SSH) has successfully closed a public offering of more than 2.8 million shares of common stock, reeling $18 million in the process. The company, which is based in Minnesota and Australia, priced the shares at $7 each. Funds will likely support continued development of Sunshine's C-Pulse heart assist implant, which is designed to treat moderate to severe heart failure. Earlier this month, Sunshine won conditional FDA approval for the device, allowing it to be used at all U.S. sites taking part in the company's North American feasibility trial. Investors went wild, driving the share price up 18%. Plans call for submitting an investigational device exemption later this year, after which Sunshine will launch a pivotal U.S. trial. Release