Bioheart, Inc. (OTCBB:BHRT) announced today that it has entered into an agreement with AnC Bio Holdings, Inc., a South Korean biomedical company, and one of its U.S. agents for a $4 million equity investment. Bioheart has designated proceeds from the investment to advance the current clinical evaluation of its cell therapies for treating heart failure and related cardiac diseases.
Alex Choi, Chairman and CEO of AnC Bio Holdings, Inc. stated, "We are very excited to invest in Bioheart to help advance their late stage clinical trials. This is a perfect collaboration that can help to support Bioheart's promising treatment for millions of heart failure patients in the world." Mr Ariel Quiros, President of AnC Bio Holdings USA added, "We think that there is an excellent opportunity to revolutionize the care of heart failure patients worldwide."
Mike Tomas, Bioheart's President and CEO added, "Bioheart's trials include the phase II/III MARVEL study for MyoCell and the REGEN Phase I Dose Escalation Study for the 2nd generation product MyoCell SDF-1. Bioheart is pleased to secure the funds necessary to continue our clinical trials as we are committed to bringing to market a viable cell-based alternative to today's current therapies."
In addition, an advisory board consisting of prominent doctors and scientists in the US is helping to develop a third study for class IV advanced heart failure patients called the LVAD + Cell Bridge to Recovery Phase I/II study. Bioheart is in current discussions with potential strategic partners in the LVAD industry.
Details of this announced transaction can be found in the company's Current Report on Form 8-K filed with the SEC.