Bioheart, Inc. Renegotiates Company Note With Favorable Terms
Published: Aug 03, 2012
SUNRISE, FL--(Marketwire - August 03, 2012) - Bioheart, Inc. (OTCBB: BHRT) has renegotiated the terms of a Company note in the amount of $572,000 held by NorthStar Biotech, LLC, a consortium of Bioheart Directors and Shareholders, led by Bioheart Director Chuck Hart. To preserve cash, NorthStar has agreed to suspend the requirement of principal payments by Bioheart and to allow payment of interest-only in restricted stock.
"We continue to have confidence in Bioheart, the commercialization of its regenerative products and the company's long viability," said Chuck Hart, Managing Director of NorthStar Biotech, LLC and a Bioheart Director and longtime shareholder.
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 NorthStar note was originally purchased in March of 2012 to protect the company's sought after intellectual property. The NorthStar consortium was formed by major shareholders and insiders to purchase and protect all of Bioheart's senior debt that was collateralized with its intellectual property and technology.
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.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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.
Jeanne A. Becker
Becker Public Relations
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