CHF Solutions Commences Manufacturing Transition of Aquadex FlexFlow® System to its Minnesota Facility
August 03 2017 - 8:00AM
CHF Solutions, Inc. (NASDAQ:CHFS) announced today that it has
begun the process of transitioning the manufacturing of the Aquadex
FlexFlow System from an indirect subsidiary of Baxter
International, Inc. (NYSE:BAX), a global leader in the hospital
products and dialysis markets, to CHF Solutions’ facility in Eden
Prairie, Minnesota. The initial step, the transfer of the
manufacturing assets, was completed last week. These
manufacturing assets were acquired from Baxter as part of the
Aquadex acquisition that was completed on August 5, 2016. The
manufacturing assets had been retained by Baxter to manufacture and
supply products to CHF Solutions under a Commercial Manufacturing
and Supply Agreement that was signed at the time of the
acquisition. The company expects to begin manufacturing its
Aquadex FlexFlow system products in the fourth quarter of 2017.
“I am very excited to achieve this important step in the
evolution of CHF Solutions,” said John Erb, Chairman and Chief
Executive Officer of CHF Solutions. “Bringing the manufacturing of
the Aquadex FlexFlow system products in-house will give us greater
control and flexibility in managing our operations. Over
time, we expect that this will result in improved gross margins as
volumes and capacity utilization increases.”
Under the Commercial Manufacturing and Supply Agreement, CHF
Solutions will continue to purchase raw materials and finished
goods from an indirect subsidiary of Baxter until February 1,
2018.
About CHF Solutions
CHF Solutions, Inc. (NASDAQ:CHFS) is an early-stage medical
device company focused on commercializing the Aquadex FlexFlow
system for Aquapheresis® therapy. The Aquadex FlexFlow system, is
indicated for temporary (up to eight hours) ultrafiltration
treatment of patients with fluid overload who have failed diuretic
therapy, and extended (longer than 8 hours) ultrafiltration
treatment of patients with fluid overload who have failed diuretic
therapy and require hospitalization. All treatments must be
administered by a healthcare provider, under physician
prescription, both of whom having received training in
extracorporeal therapies. The company's objective is to
improve the quality of life for patients with heart failure and
related conditions. CHF Solutions is a Delaware corporation
headquartered in Minneapolis with wholly owned subsidiaries in
Australia and Ireland. The company has been listed on the NASDAQ
Capital Market since February 2012.
Forward-Looking Statements
Certain statements in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the company’s
expectation to begin manufacturing Aquadex FlexFlow system
products, statements related to the impact of manufacturing
products on the company gross margins, and expected future payments
under the Commercial Manufacturing and Supply Agreement.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
release, including, without limitation, those risk associated with
our ability to execute on our recently announced strategic
realignment, the possibility that we may be unable to raise
sufficient funds necessary for our anticipated operations, our
post-market clinical data collection activities, benefits of our
products to patients, our expectations with respect to product
development and commercialization efforts, our ability to increase
market and physician acceptance of our products, potentially
competitive product offerings, intellectual property protection,
our ability to integrate acquired businesses, our expectations
regarding anticipated synergies with and benefits from acquired
businesses, and other risks and uncertainties described in our
filings with the SEC. Forward-looking statements speak only as of
the date when made. CHF Solutions does not assume any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
For further information, please contact:
Claudia Napal Drayton
Chief Financial Officer
CHF Solutions Inc.
T: +1-952-345-4205
-or-
Bret Shapiro
Managing Partner
CORE IR
516 222 2560
brets@coreir.com
www.coreir.com
Investor Relations:
CHF Solutions, Inc.
ir@chf-solutions.com
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