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CHF Solutions Receives $1.66 Million under SBA’s Paycheck Protection Program and $1.1 Million from Warrant Exercises
With these funds, in addition to the proceeds from the three previously announced equity financings closed earlier this year, the company’s total pro forma cash balance, as of
“We are impressed and thankful for the speed and efficiency in which our bank processed our application, providing additional funding for a growing company,” said
The principal amount of the PPP loan will be fully forgiven if the company uses the funds solely for the purposes outlined under the program over the next eight weeks: at least 75% for payroll, including employee benefits, and the remaining 25% for rent and utilities. The PPP loan has a fixed interest rate of 1.00% and maturity of two years. All payments are deferred for six months. No collateral or personal guarantees were required for the PPP loan.
The warrants had a current exercise price of
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.
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 use of funds from the Paycheck Protection Program Loan. 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
Claudia Napal DraytonChief Financial Officer, CHF Solutions, Inc.952-345-4205 email@example.com MEDIA: Jessica StebingHealth+Commerce 260-336-6202 firstname.lastname@example.org
Source: CHF Solutions, Inc.