CHF Solutions, Inc. Announces Pricing of $12.5 Million Underwritten Public Offering
August 19 2020 - 8:30AM
CHF Solutions, Inc. (NASDAQ:CHFS), a medical device company
dedicated to improving the lives of patients suffering from fluid
overload, today announced the pricing of an underwritten public
offering of units for gross proceeds of approximately $12.5 million
prior to deducting underwriting discounts and commissions and
offering expenses payable by CHF Solutions. The offering is
comprised of 27,774,195 Units, priced at a public offering price of
$0.45 per unit, with each unit consisting of one share of common
stock and a warrant to purchase one share of common stock at an
exercise price of $0.45 per share that expires on the fifth
anniversary of the date of issuance.
The securities comprising the units are immediately separable
and will be issued separately. The closing of the offering is
expected to take place on or about August 21, 2020, subject to the
satisfaction or waiver of customary closing conditions.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running
manager. Maxim Group LLC is acting as co-manager in
connection with the offering.
A total of 27,774,195 shares of common stock and warrants to
purchase up to 27,774,195 shares of common stock will be issued in
the offering. In addition, the Company has granted the underwriters
a 45-day option to purchase up to 4,166,129 additional shares of
common stock and additional warrants to purchase up to 4,166,129
shares of common stock, solely to cover over-allotments, if any, at
the public offering price per share and per warrant, less the
underwriting discounts and commissions.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-241454), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
August 18, 2020.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
offering is being made solely by means of a prospectus. A final
prospectus relating to this offering will be filed by CHF Solutions
with the SEC. When available, copies of the final prospectus can be
obtained at the SEC’s website at www.sec.gov or from Ladenburg
Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue,
26th Floor, New York, New York 10172 or by email at
prospectus@ladenburg.com.
About CHF Solutions
CHF Solutions, Inc. (CHFS) is a medical device company dedicated
to changing the lives of patients suffering from fluid overload
through science, collaboration, and innovation. The company is
focused on developing, manufacturing and commercializing the
Aquadex SmartFlow™ system for ultrafiltration therapy. CHF
Solutions is headquartered in Minneapolis, Minn., with wholly-owned
subsidiaries in Australia and Ireland. The company has been listed
on the Nasdaq Capital Market since February 2012.
About Aquadex SmartFlow System
The Aquadex SmartFlow system delivers clinically proven therapy
using a simple, flexible and smart method of removing excess fluid
from patients suffering from hypervolemia (fluid overload). The
Aquadex SmartFlow system is indicated for temporary (up to 8 hours)
or extended (longer than 8 hours in patients who require
hospitalization) use in adult and pediatric patients weighing 20 kg
or more whose fluid overload is unresponsive to medical management,
including diuretics. All treatments must be administered by a
health care provider, within an outpatient or inpatient clinical
setting, under physician prescription, both having received
training in extracorporeal therapies.
Forward-Looking Statements
Certain statements in this release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including without
limitation, statements about the closing of the offering of
securities. 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 expectations regarding the potential impacts of the COVID-19
pandemic on our business operations, our ability to execute on our
commercial strategy, 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.
CONTACTS
INVESTORS:
Claudia Napal Drayton
Chief Financial Officer, CHF Solutions, Inc.
952-345-4205
ir@chf-solutions.com
MEDIA:
Jessica Stebing
Health+Commerce
260-336-6202
jstebing@healthandcommerce.com
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