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BioCardia today announced completion of its merger with Tiger X Medical.
BioCardia, Inc. today announced completion of its merger with Tiger X Medical, Inc. effective today. In connection with the merger, Tiger X Medical will change its name to BioCardia, Inc. The combined company will commence trading under the symbol “BCDA” as of the open of market October 26, 2016 on OTC PINK.
Immediately prior to the merger, BioCardia converted all outstanding
convertible promissory notes into shares of common stock, and the
combined company has approximately $25 million in cash available, before
the payment of fees and expenses.
“We are very pleased to complete this merger, which marks a significant
milestone for BioCardia. We are transitioning from a private company to
a publicly-traded company through this merger, and significantly
increasing our financial resources,” said Dr. Peter Altman, President
and CEO of BioCardia. “These funds are expected to support operations
and enable us to advance our pivotal Phase 3 CardiAMP cell therapy
program for the treatment of heart failure developed after a heart
attack.”
About BioCardia®:
BioCardia, Inc., headquartered in San Carlos, CA, is developing
regenerative biologic therapies to treat cardiovascular disease. The
Company’s current products include the Helix™ transendocardial delivery
system and the Morph® steerable guide and sheath catheter
portfolio. CardiAMP® and CardiALLO® cell therapies
are the company’s biotherapeutic product candidates in clinical
development. BioCardia also partners with other biotherapeutic companies
to provide its Helix systems and clinical support to their programs
studying therapies for the treatment of heart failure, chronic
myocardial ischemia and acute myocardial infarction.
Forward Looking Statements:
This press release contains forward-looking statements as that term is
defined under the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, among other things, references to
anticipated cash balance, use of funds and product development plans.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others,
the inherent uncertainties associated with developing new products or
technologies, unexpected expenditures, the ability to raise the
additional funding needed to continue to pursue BioCardia’s business and
product development plans, competition in the industry in which
BioCardia operates and overall market conditions, and whether the
combined funds will support BioCardia’s operations and enable BioCardia
to advance its pivotal Phase 3 CardiAMP cell therapy program. These
forward-looking statements are made as of the date of this press
release, and BioCardia assumes no obligation to update the
forward-looking statements.