Sunshine Heart Announces Receipt of Nasdaq Extension to Comply with Listing Requirements
November 22 2016 - 5:30AM
Sunshine Heart, Inc. (NASDAQ:SSH) today announced that on November
21, 2016 it received a letter from the Nasdaq Office of General
Counsel indicating that the Panel had granted the Company continued
listing on the Nasdaq Capital Market while it implements its plan
to regain compliance with both the $1.00 minimum bid price
requirement and the $2.5 million minimum stockholders’ equity
requirement. The Panel has granted Sunshine Heart time until
January 30, 2017 to evidence a closing bid price of $1.00 or more
for a minimum of ten prior consecutive trading days, and until
March 20, 2017 to evidence compliance with the $2.5 million
stockholder’s equity requirement.
The Company is diligently working on executing 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 Company will be able
to evidence compliance with the applicable listing criteria within
the period of time 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 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 slow 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 evidence compliance with the requirements of
the Nasdaq Capital Market in the time provided by the Panel. 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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