BioCardia announces $1.3M registered direct offering priced at-the-market

BioCardia announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the purchase and sale of 2,000,000 shares of the company’s common stock at a purchase price of 65c per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about November 20, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the company from the offering are expected to be $1.3M, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, advancing the company’s investigational biotherapeutic candidates and the company’s biotherapeutic delivery partnering business.