The market has turned very hostile toward high-risk small-cap med-tech companies, and Sunshine Heart (NASDAQ:SSH)
has long struggled to deliver the sort of progress that would make it
easy to argue that the market is being unfair. Although the company has
resolved a clinical hold, enrollment rates have been an ongoing
long-term disappointment and the company's targets for reimbursed
procedures have proven much too optimistic. With that, that company's
prospects for finishing its pivotal COUNTER HF trial, let alone
advancing a better, fully implantable, version of its technology without
exceptionally dilutive/expensive financing has basically vanished.
The company's C-Pulse device does seem to provide benefits and
quality of life improvements to the majority of patients who get it, but
the ongoing issues with site and patient enrollment would seem to speak
to more significant problems at the management and strategic level. At
this point, these shares look more like a lottery ticket - there are
paths by which these shares could succeed from here (including both
buyout and go-it-alone strategies), but between the financing and
operational issues, it's also quite possible that further losses are in
store for shareholders.
Continue here:
Can Sunshine Heart Survive To See The Dawn?
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