Nuwellis appoints new CFO following $11M public offering
19 Oct 2022
Blake’s appointment is effective immediately. She brings more than two decades of senior financial leadership to the Minneapolis-based company.
“Nuwellis is entering our next phase of commercial development with significant new opportunities in heart failure, pediatrics and critical care. The deep knowledge and experience in healthcare that Lynn brings will be instrumental as we advance our mission of bringing our Aquadex SmartFlow technology to more patients,” President and CEO Nestor Jaramillo, Jr. said in a news release. “Lynn’s medical device industry experience, combined with her strong financial leadership skills, makes her uniquely qualified for the next phase of our journey. I’m excited to welcome her to the team as we continue our dynamic growth.”
Most recently, she was a managing director at Growth Operators Advisory Services. Blake has also held financial leadership roles at Tactile Systems Technology, Taylor-Wharton International, Analysts International Corporation, Entegris and MTS Systems Corporation.
“I believe Nuwellis not only has tremendous market opportunity, but there is also something truly unique about the way the company invests in the patients and healthcare providers it serves,” Blake said. “It’s an exciting time to join Nuwellis. I’m eager to apply my financial expertise in supporting the commercial organization as the company seeks to broaden its therapeutic footprint and reach more patients both domestically and abroad.”
The ultrafiltration therapy purveyor also announced the closing of an underwritten public offering of units with gross proceeds of approximately $11.04 million. It previously announced a $9.6 million upsized public offering on October 14.
The offering includes the full exercise of the underwriter’s over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and offering expenses payable to Nuwellis.
The company’s offering comprised 15,235,196 Class A Units, priced at a public offering price of $0.25 per Class A Unit. Each Class A Unit consisted of one share of common stock and 1.5 warrants to purchase one share of common stock at an exercise price of 25¢ per share. Nuwellis’s offering also comprised of 23,157,124 Class B Units, priced at a public offering price of $0.25 per Class B Unit. Each Class B Unit consisted of one share of Series I convertible preferred stock that will be convertible into one share of common stock and 1.5 warrants to purchase one share of common stock with an exercise price of 25¢ per share.
Nuwellis said that warrants will be exercisable on the effective date of a reverse stock split, contingent upon stockholder approval. Stockholder meetings are scheduled for Dec. 9, 2022.
Securities issued at closing totaled 20,994,044 shares of common stock, 23,157,124 shares of Series I convertible preferred stock, and warrants to purchase up to 66,226,752 shares of common stock, including the full exercise of the over-allotment.
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