SUNRISE, Fla., Aug. 18 /PRNewswire-FirstCall/ -- Bioheart, Inc., a company committed to delivering intelligent devices and biologics that help monitor, diagnose and treat heart failure and other cardiovascular diseases announced today that several of its Directors have joined the Company’s executive management team. In addition to assuming the position of Chairman of the Company’s Board of Directors, Karl E. Groth, Ph.D., became the Chief Executive Officer; Peggy A. Farley became Chief Operating Officer; and Mark P. Borman became Chief Financial Officer. Howard Leonhardt will continue as Chief Scientific and Technology Officer, and Chairman of the Scientific Advisory Board. Mr. Leonhardt, the Company’s founder, thus will be able to focus on enhancing the Company’s existing technologies and strengthening its position as the leader within the cardiovascular arena of the stem cell therapy industry.
Karl Groth has an exceptional record of bringing medical technology companies from development stage to profitable operations and then to achieving exceptional returns for shareholders as the companies were acquired. He has demonstrated the ability to identify market opportunities and technologies, strengthen management, improve operations, focus strategy and guide companies either to acquisition by major companies in the health industry or to an IPO. After his tenure at the University of Minnesota conducting research, Dr. Groth joined Medtronic, having been recruited to help to start up the company’s neuro division. His fast track management career there culminated with his position as Director of Business Development, in which he oversaw corporate acquisitions. During his years there, he led marketing, product development, and research units. Subsequent to Medtronic, Karl Groth was Chief Executive Officer or Chief Operating Officer of a number of start-up companies, all of which he took public and subsequently saw divested for exceptional returns to investors in short periods of time. Those companies included InStent, Inc. and Heart Technology, acquired, respectively, by Medtronic and Boston Scientific. Since 1999, Dr. Groth has been working in the venture capital arena quite successfully.
Mark Borman has an accomplished record of CFO achievements and has helped technology companies achieve strategic growth, profitability, cash-flow, capital-raising, and valuation goals. His capital market achievements include raising more than $1 billion for acquisitions and supporting a multi-billion dollar transformation through a leveraged buyout to an IPO to secondary stock and convertible notes offerings to the spin off into three NYSE-listed companies. Additionally, Mr. Borman’s career experience includes management partnering, mergers & acquisitions, restructurings, strategic planning, and turnarounds. During his career, Mr. Borman has held progressively responsible positions with ADC Telecommunications, General Instrument Corporation, First Chicago Corporation, FMC Corporation, Price Waterhouse, and KMG. He is a Certified Public Accountant and Chartered Financial Analyst and his other activities have included board memberships and teaching at the university level.
The Board of Directors is excited about appointing this experienced team of senior executives. In addition to considering a recapitalization of the company, this new leadership will be focused on developing the four main tenets of our business plan. Foremost will be the efforts to expand sales of Bioheart’s heart failure home monitoring system and the TGI 1200 system for obtaining adipose derived stem cells. The task force will also focus on initiation of the second part of the MARVEL Phase II/III muscle stem cell therapy study and beginning enrollment in the recently FDA cleared Phase I REGEN trial utilizing muscle derived stem cells transduced to express the SDF-1 protein.
Of his more focused position, Howard Leonhardt goes on to say:
Mr. Leonhardt emphasized that Bioheart is, in truth, “fully committed to being the ‘Go To Technology Partner for Heart Failure Specialists and Their Patients.’”
MyoCell SDF-1 is a composition of myogenic stem cells derived from a patient’s own thigh muscle that has been modified to over express the SDF-1 protein. The product candidate is prepared with an 18-step proprietary method in Bioheart’s cGMP laboratories. Utilizing a needle-tipped catheter inserted into the groin of a patient who is suffering from heart failure, the cells are injected into the scar tissue that has formed in the patient’s heart. The goal of MyoCell SDF-1 is to grow new contractile muscle within the scar tissue that will have the ability to release additional beneficial proteins to assist in the tissue repair process and improve the patient’s heart function, exercise capacity and quality of life. In preclinical studies, MyoCell SDF-1 provided a 54 percent improvement of heart function compared to 27 percent for the original MyoCell composition while the placebo control treated animals declined by 10 percent. The preclinical studies also demonstrated that this product candidate can enhance blood vessel formation in damaged hearts.. The U.S. trial is expected to begin this year. After completing the REGEN safety protocol with one-month follow-up, the company hopes to transition this second-generation product into its FDA-authorized Phase II/III MARVEL study. MyoCell SDF-1 is substantially similar to the original MyoCell composition that has been active in clinical trials since early 2001 at more than 50 centers worldwide.
For more information on Bioheart, visit www.bioheartinc.com.
Forward-Looking Statements:
Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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.
Contact:
At the Company:
Karl E. Groth, Ph.D., Chairman and Chief Executive Officer
(954) 835-1500
Bioheart, Inc.
