CHF Solutions (NSDQ:CHFS) said it has finished transferring all manufacturing for the Aquadex FlexFlow fluid filtration system to its Eden Prairie, Minn. plant.
CHF acquired the Aquadex device in 2016 for $5 million from Baxter (NYSE:BAX), which had been the contract manufacturer of CHF products.
CHF began the manufacturing transfer in June 2017 and completed it by beginning catheter production in-house. The Aquadex system is designed to filter water and salt from patients experiencing fluid overload due to heart failure.
CHF, formerly Sunshine Heart, has been inking distribution deals for Aquadex in the past several months, including agreements for Germany, Spain, Italy and Thailand. The company’s executives are also working to weave together the evidence they need to land reimbursement in the U.S. and expand patient access for its technology.
“The manufacturing of the entire Aquadex FlexFlow system in-house represents the continued execution on a plan that is designed to ensure productivity and cost-savings while maintaining control and flexibility in ensuring our customers’ needs are met,” said John Erb, CHF’s chairman & CEO in a prepared statement.
Shares in CHF Solutions fell Aug. 7 after the company missed sales expectations on Wall Street with its second-quarter results. The company posted losses of $4.2 million, or 93¢ per share, on sales of $1.1 million for the three months ended June 30, for bottom-line growth of 70.1% on sales growth of 27.2% when compared with the same period last year. Analysts were looking for sales of $1.3 million.
Following the close of the second quarter, the company raised gross proceeds of $5.4 million from an underwritten public offering. It expected net proceeds of $4.7 million from that offering.