Business
BioCardia Announces $3.6 Million Private Placement of Common Stock
SUNNYVALE, Calif., Dec. 15, 2022 (GLOBE NEWSWIRE) -- BioCardia, Inc. [Nasdaq: BCDA] (the “Company”), a developer of cellular and cell-derived therapeutics for
About this update from Biocardia, Inc.
[{"type":"text","content":"SUNNYVALE, Calif., Dec. 15, 2022 (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 Securities Purchase and Registration Rights Agreement (the “Purchase Agreement”) relating to a private placement with certain new and existing qualified institutional buyers, institutional accredited investors and certain directors and officers of the Company (the \"Investors\"). Pursuant to the Purchase Agreement, the Company agreed to sell to the Investors an aggregate 2,122,017 shares of the Company’s common stock at an offering price of $1.68 per share, the average of the closing share prices for the preceding five trading days. The gross proceeds to BioCardia, before deducting fees and other offering expenses, are expected to be approximately $3.6 million. The closing of the sale of the securities is expected to occur on or about December 16, 2022, subject to the satisfaction of customary closing conditions. BioCardia intends to use the net proceeds from the offering for general corporate purposes, including to fund research and development of its cell therapies. The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any states' securities laws, and may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. The Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, 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 the registration or qualification under the securities laws of any such state or jurisdiction. About BioCardia BioCardia, Inc., headquartered in Sunnyvale, California, is a developer of cell and cell-derived therapies for cardiovascular and pulmonary disease. The Company has two biothe...