CHF Solutions Inc (NASDAQ:CHFS) Retains Services Of An Executive Search Firm To Realign Sales Force To Focus On Cardiac Surgery – Journal Transcript

Posted: Published on November 15th, 2019

This post was added by Alex Diaz-Granados

CHFSolutions Inc (NASDAQ:CHFS) retained the services of a top-notchexecutive search firm to realign the sales team and improve focus on cardiacsurgery. The company has been working on meeting fluid overloaded patientsneeds in cardiac surgery and pediatrics. It will also focus on other criticalareas of care for the patients.

CHF would also roll out a life-savingtherapy for patients requiring pediatric care. Chief Executive Officer andChairman of CHF, John Erb, said the company is planning to realign the salesforce to meet the goals of re-transitioning its focus on pediatric care,cardiac surgery and critical areas of care. CCO of CHF, Nestor Jaramillo, saida change in strategy is needed to provide the necessary experience to theaccounts managers and equip the sales team to meet the transitioning needs.

CHF developed an Aquadex FlexFlowSystem to eliminate excessive fluids from patients, who suffer from fluidoverload. The innovative Flexflow system is used on fluid overload patients,who failed in diuretic therapy, to provide ultrafiltration treatment for up toeight hours. It has applied for 510(k) clearance for this innovative Flexflowsystem in September 2019 from the US FDA and expects clearance in the early Q12020. The Flexflow system is applied to pediatric patients, who are weighing 20kg or more. Only trained physicians in extracorporeal therapies can offer thistreatment to pediatric treatments under prescription. CHF assigned theresponsibility of evaluating the Flexflow system to the Abington Hospital ofthe Jefferson Health System to initiate the 344 patient studies.

CHFhas set the share price of $1.15 for the common stock of 575,830 to mobilizefunds 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 privateplacement. The company appointed Ladenburg Thalmann & Co Inc as an agency forthis placement. CHF would use the proceeds for general corporate needs thatinclude funds for commercialization. The investors can exercise the warrantswithin six months of purchase.

CHFssales declined to $1252 in Q3 2019 while its net loss increased marginally.

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CHF Solutions Inc (NASDAQ:CHFS) Retains Services Of An Executive Search Firm To Realign Sales Force To Focus On Cardiac Surgery - Journal Transcript

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