<SEC-DOCUMENT>0000919574-12-001718.txt : 20120216
<SEC-HEADER>0000919574-12-001718.hdr.sgml : 20120216
<ACCEPTANCE-DATETIME>20120216104608
ACCESSION NUMBER:		0000919574-12-001718
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120214
FILED AS OF DATE:		20120216
DATE AS OF CHANGE:		20120216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STRAUS MELVILLE
		CENTRAL INDEX KEY:			0001542495

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35312
		FILM NUMBER:		12618230

	MAIL ADDRESS:	
		STREET 1:		C/O STRAUS ASSET MANAGEMENT LLC
		STREET 2:		767 THIRD AVENUE, 21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunshine Heart, Inc.
		CENTRAL INDEX KEY:			0001506492
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				680533453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		7651 ANAGRAM DRIVE
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		952-345-4200

	MAIL ADDRESS:	
		STREET 1:		7651 ANAGRAM DRIVE
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STRAUS ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001435179

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35312
		FILM NUMBER:		12618229

	BUSINESS ADDRESS:	
		STREET 1:		767 THIRD AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-676-5640

	MAIL ADDRESS:	
		STREET 1:		767 THIRD AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>p1265911.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0204</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2012-02-14</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001506492</issuerCik>
        <issuerName>Sunshine Heart, Inc.</issuerName>
        <issuerTradingSymbol>SSH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001435179</rptOwnerCik>
            <rptOwnerName>STRAUS ASSET MANAGEMENT, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 THIRD AVE</rptOwnerStreet1>
            <rptOwnerStreet2>21ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001542495</rptOwnerCik>
            <rptOwnerName>STRAUS MELVILLE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 THIRD AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>21ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>443704.4</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.032</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2012-02-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-11-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>209352.22</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These securities are held in the accounts of several investment funds (collectively, the &quot;Investment Vehicles&quot;) for which Straus Asset Management LLC (&quot;SAM&quot;) serves as investment manager. Melville Straus is managing member of SAM. SAM and Mr. Straus may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of SAM's position as investment manager of the Investment Vehicles and Mr. Straus's status as managing member of SAM. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (&quot;Section 16&quot;), or for any other purpose. The Reporting Persons affirmatively disclaim being a &quot;group&quot; for purposes of Section 16.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Straus Asset Management, LLC By: /s/ Melville Straus</signatureName>
        <signatureDate>2012-02-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Melville Straus</signatureName>
        <signatureDate>2012-02-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
