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October 6, 2011

Bioheart announces $3M stock sale

Filed under: Regional Venture News — admin @ 2:50 pm

SUNRISE, FL - Bioheart announced a deal to raise $3 million by selling its common stock over the next two years.

The Sunrise-based development stage biotechnology company (OTCBB: BHRT) is working on clinical trials for its MyoCell product, a potential stem cell treatment for heart disease. It did not name the investor who agreed to buy its stock.

Bioheart lost $2.5 million in the first six months of 2011. As of June 30, it had $371,389 in assets and $12.6 million in liabilities.

Bioheart President and CEO Mike Tomas said the $3 million from the investor would allow the company to continue its clinical trials.

Bioheart shares closed Wednesday at 8 cents after trading at a 52-week low of 5 cents earlier in the day. The 52-week high was 51 cents on Nov. 1.

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