CHFS CHF Solutions Inc

CHF Solutions, Inc. (NASDAQ:CHFS) (the “Company”) today announced the closing of its previously announced underwritten public offering of 3,795,816 shares of its common stock at a price to the public of $5.50 per share, for gross proceeds of approximately $20.9 million, including the full exercise of the underwriters’ over-allotment option to purchase additional shares of the Company’s common stock, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.

Ladenburg Thalmann & Co. Inc. acted as sole book-running manager in connection with the offering. Lake Street Capital Markets, LLC acted as lead manager for the offering. Colliers Securities LLC and Maxim Group LLC acted as financial advisors in connection with the offering.

The Company intends to use the net proceeds from the offering for general corporate purposes, including the continued investment in commercialization efforts.

“We are pleased with the strong response from high quality investors that we expect will continue to support the company because of our long term opportunities,” said Nestor Jaramillo, Jr., President and CEO of CHF Solutions. “The funds from this offering provide us with a proforma year end cash balance of approximately $35.2 million which will allow us to continue to execute on our strategic goals and deliver innovative care solutions for patients with cardio-kidney disease.”

The offering is made pursuant to a “shelf” registration statement on Form S-3 (File No. 333-224881) that was filed by the company with the Securities and Exchange Commission (“SEC”) and was declared effective on May 23, 2018 and a registration statement on Form S-3MEF (File No. 333-254373) that was filed by the Company with the SEC and declared effective on March 16, 2021.  The Company has filed a final prospectus supplement with the SEC relating to such shares of common stock. Copies of the final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering may be obtained, when available, at the SEC’s website at www.sec.gov or from Ladenburg Thalmann & Co. Inc., 640 Fifth Avenue, 4th Floor, New York, NY 10019, or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About CHF Solutions CHF Solutions, Inc. (Nasdaq: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 a wholly-owned subsidiary in Ireland. The company has been listed on the Nasdaq Capital Market since February 2012.

About the 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 anticipated use of the net proceeds. 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 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

Matt Basco, CFA Gilmartin Group LLC Matt.basco@gilmartinir.com

MEDIA: Jessica Stebing Health+Commerce 260-336-6202 jstebing@healthandcommerce.com