Sunshine Heart Announces Receipt of Nasdaq Staff Determination; To Request Hearing
September 23 2016 - 4:30PM
Sunshine Heart, Inc. (NASDAQ:SSH) today announced that on September
21, 2016, it received a letter from the Nasdaq Listing
Qualifications Staff indicating that the Company did not timely
demonstrate compliance with the $1.00 bid price requirement for
continued listing on The Nasdaq Capital Market. In accordance with
the Nasdaq listing rules, the Company intends to request a hearing
before the Nasdaq hearings panel to present its plan to demonstrate
compliance with all requirements for continued listing on The
Nasdaq Capital Market and request an extension of time within which
to do so. The Company’s request for a hearing will stay any action
by the Staff with respect to its listing on Nasdaq at least pending
the issuance of the Panel’s decision following the hearing and the
expiration of any extension granted by the Panel. The Company is
diligently working on its plan to demonstrate compliance with the
continued listing requirements, and will provide a further update
when relevant information becomes available. There can be no
assurance that the Panel will determine to continue the Company’s
listing or that the Company will be able to evidence compliance
with the applicable listing criteria within the period of time that
may be granted by the Panel.
About Sunshine Heart
Sunshine Heart, Inc. (Nasdaq:SSH) is an early-stage medical
device company focused on developing a product portfolio to treat
moderate to severe heart failure and related conditions. The
Company’s main commercial product, the Aquadex system is indicated
for temporary (up to eight hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy, and
extended (longer than 8 hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy and
require hospitalization. Our objective is to improve the quality of
life for heart failure patients and halt the disease progression.
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,
clinical and pre-clinical study designs and activities, expected
timing for initiation, enrollment and completion of clinical
trials, research and development activities, ultimate clinical
outcomes and benefits of our products to patients, design and
development of future studies, site activations, patient
enrollment in studies, timing of regulatory filings and approvals,
regulatory acceptance of our filings, our expectations with respect
to product development and commercialization efforts, market and
physician acceptance of our products, intellectual property
protection, our ability to integrate acquired businesses, our
expectations regarding anticipated synergies with and benefits from
acquired businesses, potentially competitive product offerings, the
Company’s ability to receive a hearing before, and extension from,
Nasdaq. The risk factors described in our filings with the SEC
could cause actual events to adversely differ from the expectations
indicated in these forward-looking statements. Management believes
that these forward-looking statements are reasonable as and when
made. However, you should not place undue reliance on
forward-looking statements because they speak only as of the date
when made. Sunshine Heart does not assume any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Sunshine Heart 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.
Forward-looking statements are subject to a number of risks and
uncertainties, including without limitation, the possibility that
regulatory authorities do not accept our application or approve the
marketing of our therapy, the possibility we may be unable to raise
the funds necessary for the development and commercialization of
our therapy and other risks and uncertainties described in our
filings with the SEC. 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.
For further information, please contact:
Claudia Napal Drayton
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4205
Investor Relations
Sunshine Heart Inc.
ir@sunshineheart.com
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