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Medical device maker CHF Solutions closes $12.4M public offering

CHF Solutions Inc. closed its underwritten public offering of units to raise gross proceeds of about $12.4 million, including the full exercise of the underwriter's over-allotment option to buy additional shares and warrants.

Eden Prairie, Minn.-based CHF Solutions sold its class A units at $5.25 apiece. Each unit in the offering comprised of one share, a series 1 warrant to buy a share at that price, and a series 2 warrant to buy a share at the same price.

The series 1 warrants will expire in five years, and the series 2 warrants will expire either 18 months from the date of the offering, or upon the U.S. Food and Drug Administration's approval of CHF Solutions' Aquadex FlexFlow fluid removal device in pediatric patients.

CHF Solutions sold its class B units at $5.25 apiece. Each class B unit consists of one series G convertible preferred share, which is convertible into one share of common stock, plus a series 1 warrant to buy a common share, and a series 2 warrant to buy a share.

Following the full exercise of the over-allotment option, the company sold a total of 455,178 common shares, 1,910,536 series G convertible preferred shares, series 1 warrants to buy up to 2,365,714 common shares and series 2 warrants to buy up to 2,365,714 common shares.

Ladenburg Thalmann & Co. Inc. acted as sole book-running manager for the offering.

CHF Solutions is an early-stage medical device company, which develops cardiac and coronary disease products.