Bioheart Announces Pricing of Initial Public Offering and Commencement of Trading
SUNRISE, Fla., Feb 19, 2008 (PrimeNewswire via COMTEX News Network) -- Bioheart, Inc. (Nasdaq:BHRT) announced today the pricing of its initial public offering of 1,100,000 shares of common stock at a price of $5.25 per share. All of the shares are being offered by Bioheart. Bioheart's common stock commenced trading on the NASDAQ Global Market under the trading symbol "BHRT" on February 19, 2008.
The Company intends to utilize the cash proceeds from the offering primarily to commence full scale enrollment in its MARVEL Phase II/III clinical trial of MyoCell(tm) clinical therapy, as well as for license payments, repayment of principal and accrued interest on debt, working capital and other general corporate purposes.
Dawson James Securities, Inc. acted as sole book-running manager for the offering. Bioheart has granted the underwriters a 30-day option to purchase up to an additional 165,000 shares to cover over-allotments, if any.
The offering is being made only by means of a prospectus. A copy of the prospectus relating to this offering may be obtained by contacting Bret Shapiro of Dawson James Securities, Inc. at (561) 208-2914 or by emailing [email protected].
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 14, 2008. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Bioheart, Inc.
Bioheart, Inc., based in Sunrise, Fla., is a biotechnology company focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies, and related devices, for the treatment of chronic and acute heart damage. Bioheart's lead product candidate is MyoCell(tm), an innovative clinical therapy designed to populate regions of scar tissue within a patient's heart with autologous muscle cells for the purpose of improving cardiac function in chronic heart failure patients.