SUNRISE, Fla., Oct. 6, 2011 (GLOBE NEWSWIRE) -- Bioheart, Inc. (OTCBB:BHRT) a leader in the field of muscle-derived stem cell therapy for the treatment of scar tissue in damaged hearts, today announced that it has agreed on terms with an investor to provide the Company with up to $3,000,000 in equity financing via sales of registered common stock over a 24 month term.
Under this agreement, the Company will have the right (but not the obligation) to sell its common stock to the investor, subject to agreed upon terms that include the requirement that the shares are registered through a series of issuances. The formula will be a function of the market price of the common stock at the time of the issuance. Details of the financing terms will be disclosed in the Company's filing with the SEC on Form 8-K.
Bioheart's President and CEO, Mike Tomas, stated, "Bioheart will use the funds received from draw-downs under this facility to continue our clinical trials."
About Bioheart, Inc
Bioheart is committed to the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage and peripheral vascular disease. Our leading product, MyoCell, is a clinical muscle-derived cell therapy designed to populate regions of scar tissue within a patient's heart with new living cells for the purpose of improving cardiac function in chronic heart failure patients.
Specific to biotechnology, we are focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage and peripheral vascular disease. Our leading product, MyoCell, is a clinical muscle-derived cell therapy designed to populate regions of scar tissue within a patient's heart with new living cells for the purpose of improving cardiac function in chronic heart failure patients.
For more information on Bioheart, visit http://www.bioheartinc.com.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2010, and its Quarterly Report on Form 10-Q for the quarter ended June, 2011.