Investor Relations (IR) Questions: Sunshine Heart Inc $SSH
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Answers received: April 2013
I've gone back and forth with Sunshine Heart in my efforts to get a response. They agreed to tell me specifically where I could find the information. However, they have yet to follow through. Because timing is so important and SSH recently announced an offering, I did not want to continue to wait and I went ahead and just did my own research. Here it is...
-1- When is the last time SSH raised cash through an offering (diluted)?
-a- On April 11, 2013, SSH announced the pricing of its previously announced offering of 2,500,000 shares of its common stock at a price to the public of $5.25 per share. Sunshine Heart has granted the underwriter a 30-day option to purchase up to an additional 375,000 shares solely to cover over-allotments, if any. The offering is expected to close on or about April 16, 2013.
-2- How much cash (not cash equivalents) does SSH have?
-b- As of December 31, 2012 cash and cash equivalents were reported at $14.2 million.
-c- The subsequent secondary offering (April 2013) is expected to raise an additional $13.1 million prior to fees associated to the offering.
-d- On January 15, 2013, SSH entered into a Common Stock Purchase Agreement with Aspire Capital, which provides that Aspire Capital is committed to purchase up to an aggregate of $25.0 million in shares of SSH's common stock over a two-year period. As of March 1, 2013, SSH has sold 146,886 shares of common stock to Aspire Capital .
-3- What and approximately when is the next known catalyst?
-e- To answer this question, we need a little background about SSH and what their objective is. SSH is an early-stage medical device company focused on developing, manufacturing and commercializing its C-Pulse System for treatment of Class III and ambulatory Class IV heart failure. The C-Pulse System utilizes the scientific principles of intra-aortic balloon counter-pulsation 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. In November 2012, the FDA gave SSH unconditional approval to initiate a pivotal trial. In July 2012, SSH obtained CE Mark approval for the C-Pulse System.
-f- SSH anticipates that trial enrollment and implants will begin in the United States during the first half of 2013. 30 to 40 sites are anticipated for the trial. The company is on track for 22 centers to be initiated by the end of 2013.
-g- To gain additional clinical data and support reimbursement in Europe, SSH expects to initiate a post-market trial in Europe. The trial is expected to enroll the first patient Q2 2013 and end Q3 2014. Eight sights are expected to be activated by the end of 2013.
-4- What is SSH's quarterly cash burn?
-h- Total Operating Expenses for the year ending December 31, 2012 were reported at $14,869,000 compared to $16,562,000 for the same period ending 2011.
-5- Does SSH have an existing line of credit and if so how much can they draw against it?
-i- Under the “Liquidity and Capital Resources” section of SSH's most recent 10-K, there is no mention of a credit line/facility. I don't believe they have one, but you may want to contact the company to validate the accuracy of this with 100% certainty.
Sources:
-a- http://www.sunshineheart.com/storage/investornews/2013/Prices-13.1-Million-Public-Offering-Common-Shares.pdf
-b- Page 37, SSH 10-K for the fiscal year ending 2012.
-c- http://www.sunshineheart.com/storage/investornews/2013/Prices-13.1-Million-Public-Offering-Common-Shares.pdf
-d- Page 51, SSH 10-K for the fiscal year ending 2012.
-e- Page 4, SSH 10-K for the fiscal year ending 2012.
-f- Slide 14, SSH April 2013 Corporate Presentation:http://www.sunshineheart.com/storage/investornews/2013/SSH-Corporate-Presentation-April-2013.pdf
-g- Slide 15, SSH April 2013 Corporate Presentation:http://www.sunshineheart.com/storage/investornews/2013/SSH-Corporate-Presentation-April-2013.pdf
-h- Page 40, SSH 10-K for the fiscal year ending 2012.
-i- Page 37, SSH 10-K for the fiscal year ending 2012.
Other Information on interest found on SSH's Form 10-K for the fiscal year ending 2012:
Page On February 5, 2013, SSH received conditional approval from the ASX to delist from the official list of the ASX. The delisting will be effective upon the close of trading on May 6, 2013.
I've gone back and forth with Sunshine Heart in my efforts to get a response. They agreed to tell me specifically where I could find the information. However, they have yet to follow through. Because timing is so important and SSH recently announced an offering, I did not want to continue to wait and I went ahead and just did my own research. Here it is...
-1- When is the last time SSH raised cash through an offering (diluted)?
-a- On April 11, 2013, SSH announced the pricing of its previously announced offering of 2,500,000 shares of its common stock at a price to the public of $5.25 per share. Sunshine Heart has granted the underwriter a 30-day option to purchase up to an additional 375,000 shares solely to cover over-allotments, if any. The offering is expected to close on or about April 16, 2013.
-2- How much cash (not cash equivalents) does SSH have?
-b- As of December 31, 2012 cash and cash equivalents were reported at $14.2 million.
-c- The subsequent secondary offering (April 2013) is expected to raise an additional $13.1 million prior to fees associated to the offering.
-d- On January 15, 2013, SSH entered into a Common Stock Purchase Agreement with Aspire Capital, which provides that Aspire Capital is committed to purchase up to an aggregate of $25.0 million in shares of SSH's common stock over a two-year period. As of March 1, 2013, SSH has sold 146,886 shares of common stock to Aspire Capital .
-3- What and approximately when is the next known catalyst?
-e- To answer this question, we need a little background about SSH and what their objective is. SSH is an early-stage medical device company focused on developing, manufacturing and commercializing its C-Pulse System for treatment of Class III and ambulatory Class IV heart failure. The C-Pulse System utilizes the scientific principles of intra-aortic balloon counter-pulsation 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. In November 2012, the FDA gave SSH unconditional approval to initiate a pivotal trial. In July 2012, SSH obtained CE Mark approval for the C-Pulse System.
-f- SSH anticipates that trial enrollment and implants will begin in the United States during the first half of 2013. 30 to 40 sites are anticipated for the trial. The company is on track for 22 centers to be initiated by the end of 2013.
-g- To gain additional clinical data and support reimbursement in Europe, SSH expects to initiate a post-market trial in Europe. The trial is expected to enroll the first patient Q2 2013 and end Q3 2014. Eight sights are expected to be activated by the end of 2013.
-4- What is SSH's quarterly cash burn?
-h- Total Operating Expenses for the year ending December 31, 2012 were reported at $14,869,000 compared to $16,562,000 for the same period ending 2011.
-5- Does SSH have an existing line of credit and if so how much can they draw against it?
-i- Under the “Liquidity and Capital Resources” section of SSH's most recent 10-K, there is no mention of a credit line/facility. I don't believe they have one, but you may want to contact the company to validate the accuracy of this with 100% certainty.
Sources:
-a- http://www.sunshineheart.com/storage/investornews/2013/Prices-13.1-Million-Public-Offering-Common-Shares.pdf
-b- Page 37, SSH 10-K for the fiscal year ending 2012.
-c- http://www.sunshineheart.com/storage/investornews/2013/Prices-13.1-Million-Public-Offering-Common-Shares.pdf
-d- Page 51, SSH 10-K for the fiscal year ending 2012.
-e- Page 4, SSH 10-K for the fiscal year ending 2012.
-f- Slide 14, SSH April 2013 Corporate Presentation:http://www.sunshineheart.com/storage/investornews/2013/SSH-Corporate-Presentation-April-2013.pdf
-g- Slide 15, SSH April 2013 Corporate Presentation:http://www.sunshineheart.com/storage/investornews/2013/SSH-Corporate-Presentation-April-2013.pdf
-h- Page 40, SSH 10-K for the fiscal year ending 2012.
-i- Page 37, SSH 10-K for the fiscal year ending 2012.
Other Information on interest found on SSH's Form 10-K for the fiscal year ending 2012:
Page On February 5, 2013, SSH received conditional approval from the ASX to delist from the official list of the ASX. The delisting will be effective upon the close of trading on May 6, 2013.
