CHF Solutions Inc (NASDAQ:CHFS) retained the services of a top-notch executive search firm to realign the sales team and improve focus on cardiac surgery. The company has been working on meeting fluid overloaded patients’ needs in cardiac surgery and pediatrics. It will also focus on other critical areas of care for the patients.
Life-saving therapy to pediatric care
CHF would also roll out a life-saving therapy for patients requiring pediatric care. Chief Executive Officer and Chairman of CHF, John Erb, said the company is planning to realign the sales force to meet the goals of re-transitioning its focus on pediatric care, cardiac surgery and critical areas of care. CCO of CHF, Nestor Jaramillo, said a change in strategy is needed to provide the necessary experience to the accounts managers and equip the sales team to meet the transitioning needs.
Eliminates excessive fluids from patients
CHF developed an Aquadex FlexFlow System to eliminate excessive fluids from patients, who suffer from fluid overload. The innovative Flexflow system is used on fluid overload patients, who failed in diuretic therapy, to provide ultrafiltration treatment for up to eight hours. It has applied for 510(k) clearance for this innovative Flexflow system in September 2019 from the US FDA and expects clearance in the early Q1 2020. The Flexflow system is applied to pediatric patients, who are weighing 20 kg or more. Only trained physicians in extracorporeal therapies can offer this treatment to pediatric treatments under prescription. CHF assigned the responsibility of evaluating the Flexflow system to the Abington Hospital of the Jefferson Health System to initiate the 344 patient studies.
Sets share price of $1.15 for common stock
CHF has set the share price of $1.15 for the common stock of 575,830 to mobilize funds of $660,000 through the direct offering. As per the terms of the deal, the company would issue the shares to the investors through a private placement. The company appointed Ladenburg Thalmann & Co Inc as an agency for this placement. CHF would use the proceeds for general corporate needs that include funds for commercialization. The investors can exercise the warrants within six months of purchase.
CHF’s sales declined to $1252 in Q3 2019 while its net loss increased marginally.