Heart failure device maker Sunshine Heart (SSH) announced that it has entered into a loan agreement with Silicon Valley Bank to receive up to $10.0 million in capital. This funding essentially eliminates the imminent financing risk around Sunshine Heart as the company now will have access to as much as $40M, including ~$30M cash balance and $10M loan. The available capital will be sufficient for the company through 2016. More importantly however, the terms of this deal indicate more positive catalysts are in store.
Sunshine Heart will receive an upfront $6M and two additional loans of $2M contingent on certain achievements.
Receive $2M upon FDA approval for COUNTER interim analysis no later than June 30, 2015 (“Term B Loan”)
Receive $2M upon 100 patients being ...