Sunshine Heart Prices Public Offering Of 3.81 Mln Shares At $10.50 Per Share

(RTTNews) - Sunshine Heart, Inc. (SSH) announced that it has priced its underwritten public offering of 3.81 million shares of its common stock at a price to the public of $10.50 per share.

Craig-Hallum Capital Group and Northland Securities, Inc. are acting as co-managers for the offering.

In addition, Sunshine Heart has granted the underwriters a 30-day option to purchase up to an additional 571,500 shares solely to cover over-allotments, if any. The offering is expected to close on or about September 24, 2013, subject to customary closing conditions.

The company noted that it currently intends to use the net proceeds from the offering for general corporate purposes, including its ongoing U.S. pivotal trial and post-market EU study, initial commercialization of the C-Pulse Heart Assist System, or C-Pulse System, in the EU, and product development activities.