BioCardia (OTC:BCDA) announced that it entered into a securities purchase agreement for the sale of shares worth approximately $8.5 million.
San Carlos, Calif.-based BioCardia’s agreement includes the sale and issuance of an aggregate of nearly 1.8 million shares at an offering price of $4.75 per share, totaling the gross proceeds of approximately $8.5 million before deductions and fees, according to a news release.
The agreement includes customary representations, warranties and agreements by the company, customary conditions to closing, indemnification obligations of the company, other obligations of the parties and termination provisions.
BioCardia intends to use the proceeds for working capital and general corporate purposes, including completing enrollment in the CardiAPM cell therapy pivotal trial for treating heart failure. Additionally, proceeds may be used for funding clinical development and pursuing regulatory approval for the company’s product candidates.
