SAN CARLOS, Calif.--(BUSINESS WIRE)--BioCardia, Inc. today announced completion of its merger with Tiger X Medical, Inc. effective today. In connection with the merger, Tiger X Medical will change its name to BioCardia, Inc. The combined company will commence trading under the symbol “BCDA” as of the open of market October 26, 2016 on OTC PINK.
Immediately prior to the merger, BioCardia converted all outstanding convertible promissory notes into shares of common stock, and the combined company has approximately $25 million in cash available, before the payment of fees and expenses.
“We are very pleased to complete this merger, which marks a significant milestone for BioCardia. We are transitioning from a private company to a publicly-traded company through this merger, and significantly increasing our financial resources,” said Dr. Peter Altman, President and CEO of BioCardia. “These funds are expected to support operations and enable us to advance our pivotal Phase 3 CardiAMP cell therapy program for the treatment of heart failure developed after a heart attack.”
BioCardia, Inc., headquartered in San Carlos, CA, is developing regenerative biologic therapies to treat cardiovascular disease. The Company's current products include the Helix™ transendocardial delivery system and the Morph® steerable guide and sheath catheter portfolio. CardiAMP® and CardiALLO® cell therapies are the company’s biotherapeutic product candidates in clinical development. BioCardia also partners with other biotherapeutic companies to provide its Helix systems and clinical support to their programs studying therapies for the treatment of heart failure, chronic myocardial ischemia and acute myocardial infarction.
Forward Looking Statements:
This press release contains forward-looking statements as that term is defined under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, references to anticipated cash balance, use of funds and product development plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or technologies, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue BioCardia’s business and product development plans, competition in the industry in which BioCardia operates and overall market conditions, and whether the combined funds will support BioCardia’s operations and enable BioCardia to advance its pivotal Phase 3 CardiAMP cell therapy program. These forward-looking statements are made as of the date of this press release, and BioCardia assumes no obligation to update the forward-looking statements.