Nuwellis Inc., a medical technology company focused on cardiorenal conditions, has entered into a definitive securities purchase agreement for a registered direct offering priced at-the-market under Nasdaq rules. The transaction involves the sale of 1,310,890 shares of common stock at $2.59 per share, generating gross proceeds of approximately $3.4 million. This capital raise provides the company with immediate liquidity to support its commercialization strategy and operational needs.

In addition to the primary offering, Nuwellis received approximately $3.1 million in gross proceeds from the exercise of previously issued warrants. These warrants were originally issued in connection with the company’s public offering in June 2026. The concurrent inflow of funds from both the new equity issuance and warrant exercises strengthens the company’s cash position ahead of closing.

Offering Structure and Warrants

As part of a concurrent private placement, the company will issue warrants to the participating institutional investors. These warrants allow investors to purchase up to 1,310,890 additional shares of common stock. Key terms of the warrant issuance include:

The warrants are being offered under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D. They have not been registered under the Act or applicable state securities laws. Consequently, these warrants and the underlying shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption.

Regulatory Filings and Closing

The common stock in the registered direct offering is being sold pursuant to a shelf registration statement on Form S-3 (File No. 333-280647), which was declared effective by the United States Securities and Exchange Commission on July 9, 2024. The offering is conducted via a prospectus supplement filed with the SEC. Electronic copies of the final prospectus supplement are available on the SEC’s website or through Ladenburg Thalmann & Co. Inc., the exclusive placement agent for the offerings.

Closing of the registered direct offering and the concurrent private placement is expected to occur on or about August 3, 2026, subject to customary closing conditions. Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the transactions.

What the Numbers Show

The combination of the $3.4 million from the registered direct offering and the $3.1 million from warrant exercises results in a total capital raise of approximately $6.5 million. This simultaneous execution suggests strong investor appetite for Nuwellis’ equity instruments at the current price point of $2.59 per share. The immediate exercisability of the new warrants indicates confidence among institutional investors in the near-term stability of the stock price, while the five-year term provides long-term alignment between the company and its backers.

Nuwellis, Inc. (NASDAQ: NUWE) announced on July 30, 2026, that a new single-center retrospective study supporting the use of epoprostenol as an alternative anticoagulant during Aquadex ultrafiltration therapy has been accepted for publication in Frontiers in Pediatrics. The study addresses a critical gap in pediatric critical care by providing evidence for a safe anticoagulation strategy for children who cannot tolerate conventional therapies, thereby expanding the clinical utility of Nuwellis’ Aquadex system in intensive care units.

The research, titled "Epoprostenol as an Alternative Anticoagulant for Pediatric Aquadex Therapy: A Safe and Feasible Option," represents the first documented use of epoprostenol as the sole anticoagulant for children undergoing this specific ultrafiltration treatment. Published in a multi-disciplinary peer-reviewed journal focused on pediatric patient care, the findings offer real-world data to physicians managing complex cardiorenal conditions in critically ill children.

"Acceptance of a study in a respected peer-reviewed journal represents another important milestone in the expanding clinical evidence supporting Aquadex therapy in pediatric critical care," said Mike McCormick, CEO of Nuwellis. "As physicians care for increasingly complex pediatric patients, high-quality clinical evidence becomes essential to expanding confidence in Aquadex therapy."

Study Methodology and Patient Cohort

The retrospective analysis reviewed data from 46 children who underwent 52 treatment courses at UPMC Children’s Hospital of Pittsburgh. The treatment period spanned from September 2022 to September 2025. The study focused on critically ill pediatric patients requiring extracorporeal fluid removal, a procedure where maintaining the filtering circuit without causing bleeding is a significant clinical challenge.

Clinical Outcomes and Safety Profile

The study found that using epoprostenol, a short-acting drug that prevents platelet clumping, maintained the integrity of the filtering circuit without adverse safety signals. Key outcomes included steady or modestly rising platelet counts and no increase in the need for blood-pressure support. Crucially, no bleeding events were attributed to the drug during the treatment courses.

Dana Y. Fuhrman, DO, MS, the study’s senior author, noted the clinical utility of the findings. "For our sickest children, the usual ways of keeping these circuits open aren’t always good options. This study suggests epoprostenol could give us another tool at the bedside, one that doesn’t add to bleeding risk or require intensive metabolic monitoring."

Analytical Observation: Feasibility vs. Superiority

While the results are positive, the authors explicitly frame the findings as a feasibility report rather than proof of superiority over existing anticoagulants. The short half-life of epoprostenol means its effects wear off quickly when therapy stops, which may be advantageous for unstable patients but requires careful management. This distinction is vital for clinicians interpreting the data; the study confirms safety and feasibility but does not establish epoprostenol as the definitive standard of care compared to heparin or other agents.

Financial Support and Disclosures

Nuwellis provided modest financial support to the study site specifically to underwrite the cost of open-access publication for the paper. The company stated it provided no funding for the conduct of the research itself, ensuring the clinical evaluation remained independent of corporate influence regarding trial design or data collection.

About Aquadex Therapy

The Aquadex SmartFlow System is indicated for continuous ultrafiltration therapy in adult and pediatric patients weighing 20 kilograms or more whose fluid overload is unresponsive to medical management, including diuretics. Its low extracorporeal blood volume makes it particularly suitable for pediatric patients who may not tolerate traditional renal replacement therapies. All treatments must be administered by trained healthcare providers within a clinical setting under physician prescription.