SUNRISE, Fla., Nov. 15, 2011 (GLOBE NEWSWIRE) -- Bioheart, Inc. (BHRT.OB) a leader in the field of stem cell therapy for the treatment of damaged hearts, today announced that it entered into a $3M standby equity purchase agreement, previously announced in October.
The Florida investor has agreed to purchase up to $3M of BHRT common stock upon request, subject to certain conditions, including the registration of those shares on a registration statement that has been declared effective by the SEC.
Bioheart plans to use the proceeds of each of the draws to continue its FDA approved trials.
Bioheart's President and CEO, Mike Tomas said, "This money gets us that much closer to our end goal of going to market and turning our clinical data into lifesaving procedures. Bioheart has been enrolling patients in clinical trials using stem cells for over 10 years. We are fortunate to have supportive funding partners who allow us to continue development of these products."
Further details of the financing terms will be disclosed in the Company's filing with the SEC on Form 8-K.
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 www.globenewswire.com/newsroom/ctr%3Fd=227994%26l=7%26a=http%253A%252F%252Fwww.bioheartinc.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252F_ylt%253DAlOSZ9CEXfT3uibZcyJcgLWxcq9_%253B_ylu%253DX3oDMTE2cnJmdW9hBHBvcwMxBHNlYwNuZXdzYXJ0Ym9keQRzbGsDaHR0cHd3d2Jpb2hl%252FSIG%253D11fguppga%252FEXP%253D1312565712%252F%252A%252Ahttp%25253A%252Fwww.bioheartinc.com%252F">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 30, 2011.