Bioheart, Inc. (NasdaqCM: BHRT), click here for full investor profile, is committed to delivering intelligent devices and biologics that help monitor, diagnose and treat heart failure and cardiovascular diseases. To achieve this goal, BHRT recently announced it has received an aggregate of approximately $1.8 million in cash from accredited investors, including existing shareholders. The proceeds from the private placement will be used for Bioheart’s ongoing clinical and business operations, as the Company continues to actively pursue additional investment support.
“We are grateful for the support of our new and existing shareholders and their recognition of the important clinical work we are doing for heart failure patients,” said Howard J. Leonhardt, Chairman and Chief Executive Officer of Bioheart, Inc.
Between October 1, 2008 and October 10, 2008, the Company sold in a private placement an aggregate of 1,003,910 shares of the Company’s common stock and warrants to purchase 301,173 shares of the Company’s common stock. The warrants are exercisable solely for cash at a weighted average exercise price of $2.12 per share during the period commencing on the date that is six months and one day following the date of issuance and ending on the third year anniversary of the date of issuance.
Biotech companies rely on infusions of capital and Bioheart’s recent funding puts them in good shape going forward. Strong leadership with a track record of success is also imperative and Bioheart has an impressive Board of Directors including Howard Leonhardt and Dr. William Murphy.
Howard Leonhardt , has served as Chairman of the Board since the company incorporated in August 1999 and is also the Chief Executive Officer and Chief Technology Officer . Previously, Mr. Leonhardt founded World Medical Manufacturing Corporation, or World Medical, and served as its Chief Executive Officer from 1986 until December 1998 when World Medical was acquired by Arterial Vascular Engineering, Inc., or AVE. AVE was acquired by Medtronic, Inc. in January 1999 in a cash and stock deal valued at over $4 billion. Mr. Leonhardt was the co-inventor of World Medical’s primary product, the TALENT (Taheri-Leonhardt) stent graft system. From December 1998 until June 1999, Mr. Leonhardt served as President of World Medical Manufacturing Corporation, a subsidiary of Medtronic.
Dr. William P. Murphy, Jr., M.D has served on the Board of Directors since June 2003. Dr. Murphy is the founder of Cordis Corporation (now Cordis Johnson & Johnson) which he led as President, Chairman and Chief Executive Officer at various times during his 28 years at Cordis until his retirement in October 1985. Cordis Johnson & Johnson is a leading firm in cardiovascular instrumentation. Dr. Murphy received an M.D. in 1947 from the University of Illinois and a B.S in pre-medicine from Harvard College in 1946. He is the recipient of a number of honors, including the prestigious Lemelson-MIT Lifetime Achievement Award, the MIT Corporate Leadership Award, the Distinguished Service Award from North American Society of Pacing and Electrophysiology, and the Jay Malina Award from the Beacon Council of Miami, Florida.
Biotech companies are speculative investments. Nonetheless, Bioheart’s combination of cell therapies, intelligent devices, stable cash position and proven leadership make a potential winning combination that investors should follow.