Eden Prairie, Minn.-based CHF Solutions, formerly known as Sunshine Heart, said Series F shares offered in the round are convertible to common stock at $4.50 per share. The Series F shares also carry a one-year Series 1 warrant for 223 shares at $4.50 apiece and a seven-year Series 2 warrant for 223 shares also at $4.50 per share, the company said.
A total of 18,000 shares of Series F preferred stock, convertible into 4 million shares of common stock, and warrants for an additional 8 million shares of common stock were offered in the round, according to a press release.
The offering follows last month’s 1-for-20 reverse split that reduced the number of outstanding shares from approximately 12.5 million to about 626,000. CHF Solutions has not yet stated how it plans to use funds raised in the round.
In June, the company said researchers at Stanford University won an investigational device exemption from the FDA for a pediatric study of its Aquadex FlexFlow aquapheresis system.