Healthy ASX listing for Sunshine Heart

Sunshine Heart (ASX: SHC) listed on the ASX today at AUD$0.60 -- 10 cents above its issue price. But at time of writing the cardiac company's shares had slipped slightly lower to AUD$0.57.

Raising $15 million in the oversubscribed initial public offering, Sunshine Heart plans to use the funds to see it through two clinical trials of its C-Pulse cardiac assist device, to support European CE Mark approval.

The C-Pulse device is a cuff which fits around the aorta just above the heart, inflating and deflating to assist the heart in pumping blood around the body.

"The success of Sunshine Heart's IPO is a tribute to the C-Pulse technology and the market need for cost effective products for patients in moderate to severe heart failure," said Sunshine Heart CEO, Donald Rohrbaugh.

Sunshine Heart is the first of three biotechnology companies to list this week with Acrux and Proteome Systems listing on Wednesday and Thursday respectively. Collectively the three companies have raised in excess of AUD$60 million.

"We are very pleased with the investor support that was received for the listing of quality companies like Sunshine Heart and Acrux. We believe that good management and good technology will continue to find support amongst the Australian investment community", said Lisa Springer, Business Director at Wilson HTM Corporate Finance, which underwrote the capital raising.