Device Co. Sunshine Heart Starts Trading on Nasdaq
Sunshine Heart, Inc.,-a Sydney, Australia-based medical device firm with U.S. headquarters in Eden Prairie-announced Thursday that it has begun trading its stock on the Nasdaq Capital Market.
Sunshine Heart's main product is the C-Pulse Heart Assist System, an implantable device meant to treat moderate to severe heart failure. The device uses a counter-pulsation technology designed to reduce the heart's pumping load. The company claims it can be implanted using a minimally invasive procedure.
Sunshine expects it will receive regulatory approval to sell its device in Europe in the coming months. The firm is also seeking approval from the U.S. Food and Drug Administration approval to launch a clinical trial in the United States, which it expects to begin in the second half of this year.
The company has been trading Chess depository interests (CDIs) on the Australian Securities Exchange (ASX) under the symbol SHC since 2004, when it made an initial public offering in the country. CDIs are a type of security used by the ASX to allow international companies to trade on the local market. It began trading shares of common stock on Nasdaq on Thursday morning under the symbol SSH.
Sunshine Heart said that its security holders will be able to freely convert their holdings between ASX-listed CDIs and shares listed on Nasdaq; one share will represent 200 CDIs. The company currently has approximately 6.3 million shares of common stock on issue and expects that most of its United States-based shareholders will now exchange their CDIs for common stock.
“We are incredibly pleased to achieve a Nasdaq listing and are looking forward to the corporate growth that such a milestone will facilitate,” Sunshine Heart CEO Dave Rosa said in a statement. “This major milestone comes at a particularly opportune time for Sunshine Heart, as we believe 2012 will be an exciting and important year for the company with several major milestones on the horizon.”
The company's shares were trading at about $12 per share on Thursday morning.