Sunshine Heart Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
February 28 2014 - 3:54PM
Sunshine Heart, Inc. (Nasdaq:SSH), today announced that on February
27, 2014, the Compensation Committee of its Board of Directors
approved eleven equity awards under Sunshine Heart's New-Hire
Equity Incentive Plan, as material inducements to eleven
individuals' entering into employment with the Company. The equity
awards were approved in accordance with NASDAQ Listing Rule
5635(c)(4), which also requires a public announcement of equity
awards that are not made under a stockholder approved equity plan.
In connection with their entering into employment with Sunshine
Heart, the eleven individuals, who were not previously employees or
directors of Sunshine Heart, received options to purchase an
aggregate of 55,700 shares of the Company's common stock. Ten of
the eleven options have an exercise price of $8.61 per share, which
is equal to the closing price of the Company's common stock on
February 27, 2014. One of the options, for 2,500 shares, will be
granted effective March 5, 2014, and will have an exercise price
equal to the closing price of the Company's common stock on that
date. All eleven options have ten-year terms and vest over a period
of four years, with 25% vesting one year after the date of grant
and the remaining 75% vesting in 36 approximately equal monthly
increments, provided the new hire's employment is continuing on
each such date, and subject to acceleration or forfeiture upon the
occurrence of certain events as set forth in the new hire's option
agreement.
About Sunshine® Heart
Sunshine Heart, Inc. 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 NASDAQ Capital Market since February 2012.
About the C-Pulse® 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.
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 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, 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
Securities and Exchange Commission. 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.
CONTACT: For further information, please contact:
Investor:
Laura Forman
Blueprint Life Science Group
T: +1-415-375-3340
Jeff Mathiesen
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4200
Media:
David Schull
Russo Partners
T: +1-212-845-4271
Andreas Marathis
Russo Partners
T: +1-212-845-4235
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