BioCardia Announces Pricing of $10 Million Public Offering
June 17 2020 - 8:30AM
BioCardia®, Inc. NasdaqCM: BCDA (the “Company”), a leader in
the development of comprehensive solutions for cardiovascular
regenerative therapies, today announced the pricing of its public
offering of 4,762,000 shares of common stock at a price to the
public of $2.10 per share. BioCardia expects to receive gross
proceeds of $10 million, before deducting underwriting discounts
and commissions and other estimated offering expenses.
BioCardia has granted the underwriters a 45-day option to
purchase up to 714,190 additional shares of common stock, at the
public offering price to cover over-allotments, if any. The
offering is expected to close on June 19, 2020, subject to
customary closing conditions.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes, which include,
but are not limited to, completing enrollment in the ongoing
CardiAMP® Cell Therapy pivotal trial for the treatment of heart
failure, funding of clinical development, and pursuing regulatory
approval for our product candidates.
A.G.P./Alliance Global Partners is acting as sole book-running
manager for the offering.
Brookline Capital Markets, a division of Arcadia Securities,
LLC, and Dawson James Securities, Inc. are acting as co-managers
for the offering.
The offering is being conducted pursuant to BioCardia’s
registration statement on Form S-1 (File No. 333-236404) previously
filed with the Securities and Exchange Commission (“SEC”) and
declared effective on June 16, 2020. A final prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering, when available, may be
obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, NY 10022 at (212) 813-1047.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 BioCardia® BioCardia,
Inc., headquartered in San Carlos, California, is developing
regenerative biologic therapies to treat cardiovascular disease.
CardiAMP and CardiALLO™ cell therapies are the Company’s
biotherapeutic product candidates in clinical development. The
Company's products include the Helix™ transendocardial delivery
system and its steerable guide and sheath catheter portfolio.
BioCardia also partners with other biotherapeutic companies to
provide its Helix System and clinical support to their programs
studying therapies for the treatment of heart failure, chronic
myocardial ischemia and acute myocardial infarction.
Forward Looking Statements This press
release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 and Private Securities
Litigation Reform Act, as amended, including those relating to the
timing and completion of the proposed offering and the expected use
of proceeds from the proposed offering, and other statement that
are predictive in nature. These statements may be identified by the
use of forward-looking expressions, including, but not limited to,
“expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions and the negatives of those terms. These statements
relate to future events and involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any
results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include the risk factors
set forth in the Company’s filings with the SEC, including, without
limitation, its Annual Report on Form 10-K for the year ended
December 31, 2019, its periodic report on Form 10-Q for the three
months ended March 31, 2020, and its Current Reports on Form 8-K
filed in 2020, as well as the risks identified in the registration
statement and preliminary prospectus relating to the offering.
Prospective investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this press release. BioCardia undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Media Contact: Michelle McAdam,
Chronic Communications, Inc. michelle@chronic-comm.com(310)
902-1274
Investor Contact: David McClung, Chief
Financial Officer Investors@BioCardia.com(650) 226-0120
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