Sunshine Heart awarded $2.15m grant to support development of heart assist device

Sep 21 2006

Sunshine Heart, Inc., today announced it has been awarded a second Commercial Ready Grant (CRG) from the Australian Government to help fund further development of its revolutionary C-Pulse heart assist device.

The $2.157 million grant will fund up to 50% of a project designed to further refine the C-Pulse heart assist device. The lighter, quieter and more energy efficient gas-driver developed during this project will further improve the quality of life of heart failure patients.

This grant is the second Commercial Ready Grant awarded to Sunshine Heart. In October 2005, Sunshine Heart was awarded a $2.2 million Commercial Ready Grant to support two projects to further develop the C-Pulse and establish the Company's current clinical trial program in Australia. The Company was previously awarded a $2.5 million grant under the AusIndustry R&D Start Grant program.

"We are extremely grateful to the Australian Government and to AusIndustry for this continued support," said Victor Windeyer, Chief Operating Officer of Sunshine Heart.

"This grant helps keep us on target with our product development and clinical trial programs to commercialise C-Pulse in Australia, and globally, for the benefit of people with moderate to severe heart failure," he said.

The C-Pulse device improves the heart function of patients with heart failure by increasing blood supply to the heart muscle and reducing the heart's pumping work. It is uniquely designed as a non-blood contacting heart-assist device, reducing the risks of clotting and bleeding complications and making it safe to turn the device on and off.

To date, eleven people have been enrolled into clinical trials of the C-Pulse device: six in an earlier short term, intra-operative study; and five people have been implanted with the C-Pulse in the current Pilot Clinical Trial being conducted across five sites in Australia and New Zealand.

Australian Industry Minister Ian Macfarlane today congratulated Sunshine Heart on being offered the grant. "The Australian Government is committed to supporting clever Australian companies, like Sunshine Heart, develop ground-breaking projects that will benefit the community," Mr Macfarlane said.

"Sunshine Heart's project has the potential to be a significant breakthrough in the treaent of heart disease, adding to the list of pioneering medical projects carried out by innovative Australian companies."

The Commercial Ready program is administered by AusIndustry and is the Australian Government's flagship business innovation program, providing up to $200 million a year to help turn clever Australian ideas into successful commercial products.