Bioheart goes public to support cardiovascular biotechnologies

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Bioheart has priced its initial public offering of $1.1 million shares of common stock at a price of $5.25 per share, all of which are being offered by the company.

Its common stock commenced trading on the NASDAQ Global Market on Feb. 19, according to the Sunrise, Fla.-based company.

Bioheart said it intends to utilize the cash proceeds from the offering primarily to commence full scale enrollment in its MARVEL Phase II/III clinical trial of MyoCell clinical therapy, as well as for license payments, repayment of principal and accrued interest on debt, working capital and other general corporate purposes.

MyoCell, an clinical therapy designed to populate regions of scar tissue within a patient's heart with autologous muscle cells for the purpose of improving cardiac function in chronic heart failure patients.