NorthStar Launches $20 Million Private Placement Round With Proceeds to Fund Bioheart Trials

Mon Oct 15, 2012 7:32am EDT

* Reuters is not responsible for the content in this press release.

  SUNRISE, FL, Oct 15 (Marketwire) -- 
NorthStar Biotech, LLC, a consortium of Bioheart, Inc. (OTCQB: BHRT)
Directors and Shareholders, led by Managing Director Chuck Hart, has
launched a series A private placement financing round and intends to
raise a maximum capital of $20 million in exchange for 30% of the
company. 

    "With the intellectual property of Bioheart, NorthStar Biotech is well
positioned to become a leader in the field of cardiology. We are also
pursuing several opportunities which will make it a leader in
regenerative medicine," said Chuck Hart, Managing Director of NorthStar
Biotech LLC and a Bioheart Director and longtime shareholder.

    Bioheart had previously announced the formation of NorthStar Biotech in
August of 2012, a consortium formed by major shareholders and insiders to
purchase and protect Bioheart's senior debt that was collateralized with
its intellectual property and technology. The primary use of the proceeds
raised by the private placement is to fund Bioheart efforts including the
Phase II/III MARVEL trial with muscle stem cells, the Phase I REGEN trial
with gene modified muscle stem cells and the ANGEL trial with adipose
derived stem cells. 

    Bioheart's cell therapy products address an unmet need in the cardiac
market by providing true regenerative medicine where the MyoCell(R)
product line may regenerate muscle in areas of scar tissue and the
LipiCell(R) product may help reduce inflammation and promote the growth
of new blood vessels.

    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. 

    About NorthStar Biotech, LLC

    NorthStar Biotech was founded in 2012 and is focused on the development
of regenerative medicine for a variety of degenerative diseases. It
maintains an exclusive, international license to the products and
intellectual property rights of Bioheart, Inc. ("Bioheart"). NorthStar is
currently raising sums to complete clinical testing required by Bioheart;
to create and oversee an international sales force for Bioheart; and to
sell and distribute the Bioheart products and Bioheart IP on an
international basis.

    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.

    

Media Contact: 
Rhonda Madaris
13794 NW 4th Street
Suite 212
Sunrise, FL 33325
Telephone 954/835-1500
Email: rmadaris@bioheartinc.com 

Copyright 2012, Marketwire, All rights reserved.

-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.