Time For An Update, page-14

quoted from 1beaver from seeking alpha


I certainly understand your frustration with both the share price and the lack of communication from Sunshine Heart. I am not going out to investors and provide the same ineffective rhetoric they have heard in the past. The Company needs a clear strategic direction and when I have that developed by the management team and approved by the Board of Directors, I will communicated it to the shareholders. I have a strong belief that our technology will be a very valuable therapy for the many patients that suffer from heart failure. I also have a strong belief that the Company has a very strong, experienced, Board of Directors. I must stand behind my Board and defend them against comments that suggest they are not working diligently to protect the Company�s shareholders. I have publicly stated at the December 2, 2015 Piper Jaffray conference in New York that I have 4 primary objectives to focus on during my interim responsibility as CEO: 1) Find and hire the best possible CEO, as soon as possible; 2) Reduce the cash burn to extend the runway with our current cash; 3) Strategically focus the Counter HF clinical trial to prove the effectiveness of the C-Pulse therapy; 4) Properly focus resources to develop our more critical, commercially viable, fully implantable C-Pulse product. I have had the CEO responsibility for approximately 6 weeks and in this time I have renegotiated the Silicon Valley Bank agreement to eliminate the requirement to complete a $20 million equity raise in the first quarter; I have reduced spending to extend our current cash into 2017; I have realigned the management team and removed problematic silos, and hired an excellent VP of Clinical Affairs; I have initiated a strategic planning process that will be presented to our Board of Directors in mid-February and be communicated to Shareholders in early March. Sunshine Heart can raise money today, but at what cost; I want to protect our shareholders from significant dilution. We have an excellent technology, a very large market opportunity, a very good management team and an excellent Board. Sunshine Heart will be a great success.