Bioheart announces $3M stock sale
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.
