03/17/08
Related Professionals:
Joseph J. Saltarelli, Rodger L. Tate, David E. Wells, Carrie M. Levine, Gary C. Messplay, Laurence H. Posorske
Groups:
Biotechnology, Corporate & Securities Law, Corporate and Securities Litigation, Food and Drug Practice, Intellectual Property, Labor & Employment, Litigation
Industries:
Biotech, Chemicals & Pharmaceuticals
MIAMI, FL, March 17, 2008 — Hunton & Williams LLP announced today that it acted as counsel for Bioheart, Inc. in its initial public offering of common stock for approximately $6 million. Bioheart's common stock is trading on the NASDAQ Global Market under the symbol "BHRT."
Bioheart is a biotechnology company focused on the discovery and development of cell therapies designed to treat chronic and acute heart damage. Bioheart’s lead product candidate, MyoCell, is an innovative clinical therapy designed to populate regions of scar tissue within a patient's heart with muscle cells from the patient’s body, for the purpose of improving cardiac function in chronic heart failure patients. The capital raised in the IPO is expected to be utilized to commence full scale enrollment in a Phase II/III clinical trial of MyoCell in the U.S. and Europe.
It is noteworthy that the Bioheart offering was successfully concluded in a capital market that has been depressed and generally been unreceptive of IPOs and biotechnology offerings.
"Bioheart's ability to successfully complete the IPO and over $55 million of private placements over the last few years is a positive reflection not only upon Bioheart but also of South Florida's growing ability to foster and support the biotechnology industry," said David E. Wells , a corporate and securities partner in Hunton & Williams’ Miami office. "Biotechnology companies increasingly recognize that South Florida can provide them the scientists, infrastructure, executives, service providers and investors necessary to develop and commercialize biotechnology concepts."
Along with Mr. Wells, the Hunton & Williams multidisciplinary team included corporate and securities lawyers Carrie M. Levine and Monica Lopez; intellectual property and FDA lawyers Rodger L. Tate, Laurence H. Posorske and Gary C. Messplay; labor lawyer Michael F. Marino III and litigation lawyer Joseph J. Saltarelli.
