Bioheart Inc receives a $2 million investment

PRESS RELEASE - Bioheart Inc receives a $2 million investment

Bioheart Inc. (BHRT.OB) announced that it has received a nonbinding term sheet and investment offer in the amount of $2 million from Grupo Vitalmex in Mexico.

The offer "allows us to take the company to the next level in a relatively short period of time," said Mike Tomas, Bioheart president and 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 toward commercialization of these products, according to a company release.

The trials will be conducted at clinical sites including Columbia University, Minneapolis Heart, Cleveland Clinic, Mt. Sinai and the University of Miami. Bioheart intends to initiate clinical sites in top clinical centers in Mexico as well.

The products will be produced at both the Vitalmex labs in Mexico and Bioheart labs in the U.S.

The collaboration will allow Vitalmex to market and distribute Bioheart's technology in Latin America and the Caribbean, and potentially Spain, Russia, Germany, Hungary, the Czech Republic and Bulgaria.

The specifics of the term sheet and the note renegotiation will be voted on by Bioheart's Board of Directors on Aug.6.

Grupo Vitalmex is a leading company in the Mexican health-care system. 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.

Bioheart delivers cell therapies and biologics that help address congestive heart failure, lower limb ischemia, chronic heart ischemia, acute myocardial infarctions and other issues.