Sunshine Heart Inc (NASDAQ:SSH) announced that it has exercised the right to borrow an additional $2 million under its existing loan and security agreement with Silicon Valley Bank. The right to borrow this second tranche was conditioned on the U.S. Food and Drug Administration granting interim analysis of COUNTER HF™, Sunshine Heart’s U.S. pivotal study for the C-Pulse® Heart Assist System, which was obtained in February 2015. COUNTER HF is a prospective, randomized, multi-center, controlled study evaluating the safety and efficacy of the C-Pulse system for the treatment of NYHA Class III and ambulatory Class IV heart failure.

“We view Silicon Valley Bank as a valued partner, providing non-dilutive capital at an important time in the Company’s growth trajectory as we continue to advance physician involvement and patient enrollment in the COUNTER HF and OPTIONS HF studies,” commented Dave Rosa, President and Chief Executive Officer of Sunshine Heart.

The payment is the second advance under the loan and security agreement entered into with Silicon Valley Bank on February 18, 2015, which provides up to $10 million in growth capital. The first $6 million term loan was funded at the time of closing. Additional details regarding the loan and security agreement are included in a Current Report on Form 8-K filed on February 19, 2015 by Sunshine Heart with the Securities and Exchange Commission. (Original Source)

Shares of Sunshine Heart Inc closed last Friday at $3.68 . SSH has a 1-year high of $6.90 and a 1-year low of $3.49. The stock’s 50-day moving average is $4.18 and its 200-day moving average is $4.48.

On the ratings front, Sunshine Heart Inc has been the subject of a number of recent research reports. In a report issued on May 5, Canaccord Genuity analyst Jason Mills reiterated a Buy rating on SSH, with a price target of $7.50, which represents a potential upside of 103.8% from where the stock is currently trading. Separately, on the same day, Oppenheimer’s Steven Lichtman reiterated a Buy rating on the stock and has a price target of $12.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Mills and Steven Lichtman have a total average return of 1.8% and 0.0% respectively. Mills has a success rate of 49.7% and is ranked #1527 out of 3681 analysts, while Lichtman has a success rate of 56.9% and is ranked #2688.

Sunshine Heart Inc is an early stage medical device company. It is engaged in developing, manufacturing and commercializing its C-Pulse Heart System for treatment of Class III and ambulatory Class IV heart failure.