Nuwellis Announces Closing of $2.7 Million Public Offering
April 30 2024 - 6:09PM
Nuwellis, Inc. (Nasdaq: NUWE) (“Nuwellis” or the “Company”), a
medical technology company focused on transforming the lives of
people with fluid overload, today announced the closing of its
previously announced public offering of 11,250,000 shares of its
common stock (or pre-funded warrants in lieu thereof) and warrants
to purchase up to an aggregate of 16,875,000 shares of its common
stock at a combined public offering price of $0.24 per share (or
pre-funded warrant in lieu thereof) and associated warrant. Each
share of common stock (or prefunded warrant in lieu thereof) was
sold together with one warrant to purchase one and a half shares of
common stock. The warrants have an exercise price of $0.40 per
share, are exercisable immediately upon issuance, and will expire
five years following the date of issuance.
Roth Capital Partners acted as exclusive placement agent for the
offering.
The gross proceeds to Nuwellis from the
offering, before deducting the placement agent fees and other
offering expenses were approximately $2.7 million. Nuwellis intends
to use the net proceeds from the offering for working capital and
for general corporate purposes, including for continued investments
in its commercialization efforts.
The securities described above were offered
pursuant to a registration statement on Form S-1, as amended (File
No. 333-276562), which was declared effective by the United States
Securities and Exchange Commission (“SEC”) on April 26, 2024. The
public offering was made only by means of a prospectus, which is
part of the effective registration statement. A final prospectus
relating to the offering was filed with the SEC and is available on
the SEC’s website at http://www.sec.gov. Electronic copies of the
final prospectus may be obtained for free on the SEC’s website
located at http://www.sec.gov and may also be obtained by
contacting Roth Capital Partners, LLC at 888 San Clemente Drive,
Newport Beach CA 92660, or by phone at (800) 678-9147 or e-mail at
rothecm@roth.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described therein, nor shall 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.
About Nuwellis
Nuwellis is a medical technology company
dedicated to transforming the lives of patients suffering from
fluid overload through science, collaboration, and innovation. The
Company is focused on commercializing the Aquadex
SmartFlow® system for ultrafiltration therapy. Nuwellis is
headquartered in Minneapolis, with a wholly owned subsidiary in
Ireland.
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. Forward-looking
statements in this press release include, without limitation,
statements with respect to the intended use of proceeds from the
offering. 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, uncertainties related to
market conditions, the satisfaction of customary closing conditions
related to the offering, those risks associated with our ability to
execute on our commercialization 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. Nuwellis 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:Robert ScottChief Financial Officer,
Nuwellis, Inc.ir@nuwellis.com
Vivian CervantesGilmartin Group
LLCvivian.cervantes@gilmartinir.com
Source: Nuwellis, Inc.
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