BioCardia Announces $1.3 Million Registered Direct Offering of Common Stock Priced At-the-Market

SUNNYVALE, Calif., Nov. 16, 2023 (GLOBE NEWSWIRE) — BioCardia, Inc. [Nasdaq: BCDA]

(the “Company”), a developer of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases, today announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the purchase and sale of 2,000,000 shares of the Company’s common stock, at a purchase price of $0.65 per share, pursuant to a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about November 20, 2023, subject to the satisfaction of customary closing conditions.

This offering is being made pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-235759) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company has also agreed to issue to the investor unregistered warrants to purchase up to 2,000,000 shares of common stock. The warrants have an exercise price of $0.65 per share, are exercisable immediately and will expire five and one-half years from the issue date. The Company will receive approximately $1.3 million in gross proceeds from the offering before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

“We are pleased to have attracted this new institutional investor to our shareholder base,” said Peter Altman, Ph.D., BioCardia’s President and Chief Executive Officer. “This financing provides us with additional capital to support the advancement of our clinical programs and further positions the Company for long-term success in the development of innovative therapeutics for patients with heart failure and other cardiovascular diseases.”

The securities described above are being offered by the Company in a transaction pursuant to a prospectus supplement dated November 16, 2023, to the prospectus contained in the Company’s shelf registration statement on Form S-3 (File No. 333-235759) which was declared effective by the SEC on February 11, 2020.

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additionally, the Company has granted the investor a right of first negotiation to help fund future potential partnering transactions outside the United States through September 2024.

How Will This Announcement Affect Me?

As a healthcare-focused institutional investor, this announcement may affect you by providing an opportunity to invest in a promising company that is developing innovative therapeutics for cardiovascular and pulmonary diseases. By purchasing shares of BioCardia’s common stock through this direct offering, you may have a stake in the Company’s success and potential future growth.

How Will This Announcement Affect the World?

This announcement could have a positive impact on the world by advancing the development of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases. BioCardia’s innovative approach to addressing these medical challenges may lead to improved treatment options for patients globally, ultimately contributing to better health outcomes and quality of life for individuals suffering from these conditions.

Conclusion

Overall, BioCardia’s $1.3 million registered direct offering of common stock priced at-the-market represents a significant milestone for the Company as it secures additional funding to advance its clinical programs and continue developing cutting-edge therapies for patients in need. This financing not only strengthens BioCardia’s financial position but also underscores the growing interest and support for innovative solutions in the healthcare industry.