Bioheart, Inc. (OTC:BHRT) announced on 6th October, 2011 that the Company has agreed to come in terms with the investor.
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. The agreement would provide the Company with up to $3,000,000 in equity financing via sales of registered common stock over a 24 month term.
The agreement will provide the Company with the authority to sell its common stock to the investor. The shares, however, needs to be registered through a series of issuances. The formula will be a function of the market price of the common stock at the time of the issuance. The Company’s filing with the SEC on Form 8-K would disclose the details of the financing terms. Bioheart’s President and CEO, Mike Tomas, stated, “Bioheart will use the funds received from draw-downs under this facility to continue our clinical trials.”
Shares of BHRT jumped 1.39% to $0.0800 with more than 310K shares already exchanged hands.
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