BioCardia Announces Closing of $7.2 Million Raised Public Offering at Market Price Under Nasdaq Rules

SUNNYVALE, Calif., Sept. 9, 2024 (GLOBE NEWSWIRE) — BioCardia, Inc. (Nasdaq: BCDA), a global leader in cellular and cell-derived therapies for the treatment of cardiovascular and pulmonary diseases, today announced the closing of its expanded public offering with participation from management and directors, institutional investors and certain existing investors of the Company for the purchase and sale of 2,400,000 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,400,000 shares of common stock at a combined offering price of $3.00 per share and related warrant, priced at market in accordance with Nasdaq rules. The Company received aggregate gross proceeds of $7.2 million, before deducting placement agent fees and other offering expenses. The warrants have an exercise price of $3.00 per share, are immediately exercisable and expire five years from the date of issuance.

The offering closed on September 3, 2024. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, including, but not limited to, the development of our biotherapeutic research candidates and our biotherapeutic supply partnering activities.