Updated on 21 January 2013
Sunshine to buy $25 mn shares of Aspire
Singapore: Sunshine Heart, a global medical device company focused on innovative technologies for moderate heart failure, entered into a common stock purchase agreement with Aspire Capital Fund.
Under the purchase agreement, Aspire Capital has committed to purchase up to $25 million of Sunshine Heart's common stock as directed by the company over two years at prices based on the market price at the time of each sale after the SEC declares a registration statement effective relating to the transaction.
Upon commencement of the funding under the agreement, Aspire Capital has also agreed to make an initial investment of $1 million at a price equal to the average of the closing prices of the common stock for the five business days prior to such purchase.
Mr Dave Rosa, CEO, Sunshine Heart, said that, "We intend to use this prudently as one of the available tools to raise equity only when it is opportunistic in the marketplace. This provides the company with additional security as we conduct our US FDA pivotal and European post-market trials and advance towards commercialization of the C-Pulse System in the US and Europe."
"We are very excited and proud to add Sunshine Heart to our investment portfolio," said Mr Erik J Brown, principal, Aspire Capital. "Based on the promising 12-month feasibility data announced in late 2012, we strongly believe the C-Pulse System represents a unique and highly differentiated
approach to treating heart failure and that it will ultimately provide patients with improved outcomes and quality of life relative to conventional heart failure devices."