Nuwellis, Inc. Announces Closing of $10.0 Million Underwritten Public Offering of Common Stock Including Full Exercise of Over-Allotment Option
September 17 2021 - 3:00PM
Nuwellis, Inc. (NASDAQ:NUWE) (the “Company”) announced today the
closing of its previously announced underwritten public offering of
4,005,588 shares of its common stock at a price to the public of
$2.50 per share, for gross proceeds of approximately $10.0 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. Maxim Group
LLC acted as lead manager for the offering.
The Company intends to use the net proceeds for
the offering for general corporate purposes, including the
continued investment in commercialization efforts.
The offering was made pursuant to a “shelf”
registration statement on Form S-3 (File No. 333-256797) that was
filed by the Company with the Securities and Exchange Commission
(“SEC”) and was declared effective on July 2, 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 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 Nuwellis Nuwellis, Inc.
(Nasdaq: NUWE) 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. Nuwellis is
headquartered in Minneapolis, Minn., 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, 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, the uncertainties related
to market conditions, those risks 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. The Company 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:
George Montague
Chief Financial Officer, Nuwellis, Inc.
ir@nuwellis.com
Matt Bacso, CFA
Gilmartin Group LLC
Matt.bacso@gilmartinir.com
MEDIA:
Jessica Stebing
Health+Commerce
jstebing@healthandcommerce.com
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