Sunshine Heart Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
July 11 2014 - 7:00PM
Sunshine Heart, Inc. (Nasdaq:SSH), today announced that on July 10,
2014, its Compensation Committee approved four equity awards under
Sunshine Heart's New-Hire Equity Incentive Plan, as material
inducements to the four 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 four individuals, who were not previously employees or
directors of Sunshine Heart, received options to purchase an
aggregate of 132,500 shares of the Company's common stock. Options
granted to three of the new hires, for an aggregate of 107,500
shares, including the option for 100,000 shares granted to Brian
Brown, Sunshine Heart's newly hired Senior Vice President of
Technology and Operations, have an exercise price of $5.30 per
share, which is equal to the closing price of the Company's common
stock on July 10, 2014. One of the options, for 25,000 shares, will
be granted effective July 28, 2014, and will have an exercise price
equal to the closing price of the Company's common stock on that
date. All four 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 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 counterpulsation 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 study, 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®
Heart
Sunshine Heart, Inc. (Nasdaq:SSH) 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 study 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 study. 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 wholly owned subsidiaries in
Australia and Ireland. The Company has been listed 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,
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 study activities and
results including patient enrollment in studies. These
forward-looking statements are subject to numerous risks and
uncertainties, including, without limitation, the possibility that
our clinical studies do not meet their enrollment goals, meet their
endpoints 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:
Candice Knoll
Blueprint Life Science Group
T: +1-415-375-3340 Ext. 105
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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