SUNRISE, FL--(Marketwire - August 02, 2012) - Bioheart, Inc. (OTCBB: BHRT) announced today it has received a non-binding term sheet and investment offer in the amount of $ 2 million from Grupo Vitalmex in Mexico, a global leader in the healthcare sector in Latin America and Europe. (www.vitalmex.com.mx).
"In as much as this provides additional capital for Bioheart for our clinical trials, it also affirms our strong belief in the long term viability and commercialization of our technology, identifies new markets worldwide and allows us to take the Company to the next level in a relatively short period of time," said Mike Tomas, Bioheart's President/CEO. "By working with leading interventional cardiologists throughout the world, we believe our Company can quickly bring these therapies to patients by establishing the safety and efficacy data required for FDA approval."
The Vitalmex investment will enable Bioheart to reinitiate the MARVEL and REGEN clinical trials as well as initiate the Angel trial putting the company on its way towards FDA-approval and commercialization of these products. Bioheart's cell therapy products address an unmet need in the cardiac market by providing true regenerative medicine where the MyoCell® product line may regenerate muscle in areas of scar tissue and the LipiCell® product may help reduce inflammation and promote the growth of new blood vessels.
The trials will be conducted at numerous clinical sites in the US including Columbia University, Minneapolis Heart, Cleveland Clinic, Mt Sinai, University of Miami, and more. In addition, Bioheart intends to initiate clinical sites in top clinical centers in Mexico. The products will be produced at both the Vitalmex labs in Mexico and Bioheart labs in the US. The collaboration will enable Vitalmex to market and distribute Bioheart's technology in Mexico, Latin America, the Caribbean -- and potentially other countries that may include Spain, Russia, Germany, Hungary, the Czech Republic and Bulgaria. Vitalmex views Bioheart's cardiac regenerative medicine therapies as a viable solution to a variety of patient bases.
The specifics of this term sheet will be voted on by Bioheart's Board of Directors on Monday, August 6, 2012.
About Grupo Vitalmex
Grupo Vitalmex is a leading company in the Mexican Health Care System. With a unique approach, the Group provides a variety of specialized and integrated services that solves many of the problems in the health care sector of Mexico. As a support system to Mexican doctors, Vitalmex provides equipment, consumables, technicians and logistics solutions that secure the best possible treatment for the Mexican population. Through a network of 300 governmental hospitals, Vitalmex serves integrated solutions for cardiovascular, cancer and nephrology treatments. The Group also provides minimal invasion, imaging, high specialty and surgical room integrated solutions. For more information, visit www.vitalmex.com.mx.
About Bioheart, Inc.
Bioheart is committed to maintaining its leading position within the cardiovascular sector of the cell technology industry delivering cell therapies and biologics that help address congestive heart failure, lower limb ischemia, chronic heart ischemia, acute myocardial infarctions and other issues. Bioheart's goals are to cause damaged tissue to be regenerated, when possible, and to improve a patient's quality of life and reduce health care costs and hospitalizations.
Specific to biotechnology, Bioheart is focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage and peripheral vascular disease. Its leading product, MyoCell, is a clinical muscle-derived cell therapy designed to populate regions of scar tissue within a patient's heart with new living cells for the purpose of improving cardiac function in chronic heart failure patients. For more information on Bioheart, visit www.bioheartinc.com, or visit us on Facebook: Bioheart and Twitter @BioheartInc.
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The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2011, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.