Early-stage medical device company focused on developing a product portfolio to treat moderate to severe heart failure and related conditions, Sunshine Heart, Inc. (NASDAQ:SSH), announces three equity awards under its new-hire equity incentive plan.
EDEN PRAIRIE, Minn., Dec. 09, 2016 (GLOBE NEWSWIRE) — Sunshine Heart, Inc. (SSH), today announced that on December 7, 2016, the Compensation Committee of its Board of Directors, which is composed entirely of independent directors, approved three equity awards under Sunshine Heart’s New-Hire Equity Incentive Plan, as material inducements to three individuals entering into employment with the Company. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
In connection with entering into employment with Sunshine Heart, the three individuals, who were not previously employees or directors of Sunshine Heart, received options to purchase an aggregate of 20,000 shares of the Company’s common stock. The option awards have an exercise price of $0.21 per share, the closing price of Sunshine Heart’s common stock on December 7, 2016, the date of the grant. The options have ten-year terms and vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided the new hire’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s option agreement.
About Sunshine Heart
Sunshine Heart, Inc. (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.
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.
Sunshine Heart, Inc. (NASDAQ:SSH) shares are trading -13.79% on the news and in the range of $0.46 – 0.96 during the current trading session. When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock. Sell-side research firms on Wall Street currently have a consensus one-year price target of $4.00 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call.
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Sell-side analysts are projecting earnings per share of $-0.06 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.75 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading +113.41% away from its 50-day moving average of $0.23. Based on the most recent available data, the equity is -69.14% off of its 52-week high of $1.62 and +233.33% away from its 52-week low which is $0.15.
Today, the stock opened at $0.68 and the last bid at the time of writing stood at $0.50. During the session thus far, the equity dipped down to $0.46 and touched $0.96 as the high point. Sunshine Heart, Inc. (NASDAQ:SSH) has a market cap of $10.45M and has seen an average daily volume of 11,00,040 over the past three months.
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