BioCardia Reports First Quarter 2020 Financial Results and Business Highlights

May 15, 2020 8:00 AM

SAN CARLOS, Calif., May 15, 2020 (GLOBE NEWSWIRE) -- BioCardia®, Inc. [Nasdaq: BCDA], a leader in the development of comprehensive solutions for cardiovascular regenerative therapies, today reported financial results and business highlights for the first quarter of 2020 and filed its quarterly report on Form 10-Q for the three months ended March 31, 2020 with the Securities and Exchange Commission on May 15, 2020.

First Quarter 2020 Business Highlights:

“We have started the year off well by achieving key regulatory and clinical milestones and adding to our already-strong intellectual property portfolio,” said BioCardia Chief Executive Officer Peter Altman, PhD. “While CardiAMP Heart Failure Trial cases have been paused as clinical sites care for COVID-19 patients, sites continue to screen candidates and there are patients scheduled for treatment in the second quarter as centers resume elective procedures.”

First Quarter 2020 Financial Results:

Anticipated Upcoming Milestones:

About BioCardia BioCardia, Inc., headquartered in San Carlos, California, is developing regenerative biologic therapies to treat cardiovascular disease. CardiAMP and CardiALLO cell therapies are the Company’s biotherapeutic product candidates in clinical development. The Company's approved products include the Helix transendocardial delivery system and its steerable guide and sheath catheter portfolio. BioCardia also partners with other biotherapeutic companies to provide its Helix System 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 that are subject to many risks and uncertainties. Forward-looking statements include, among other things, references to the enrollment of our clinical trials, the availability of data from our clinical trials, filings with the FDA, FDA product clearances, the efficacy and safety of our products and therapies, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue BioCardia’s business and product development plans and overall market conditions. We may find it difficult to enroll patients in our clinical trials due to many factors, some of which are outside of our control. Slower than targeted enrollment could delay completion of our clinical trials and delay or prevent development of our therapeutic candidates. 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.

We may use terms such as “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey the uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. Additional factors that could materially affect actual results can be found in BioCardia’s Form 10-K filed with the Securities and Exchange Commission on April 9, 2020, under the caption titled “Risk Factors.” BioCardia expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Media Contact: Michelle McAdam, Chronic Communications, Inc. 902-1274

Investor Contact: David McClung, Chief Financial Officer 226-0120

BIOCARDIA, INC.Condensed Statements of Operations (Unaudited In thousands, except share and per share amounts)

Three Months ended March 31,
2020 2019
Net product revenue$5 $76
Collaboration agreement revenue 33 140
Total revenue 38 216
Costs and expenses:
Cost of goods sold 4 106
Research and development 2,786 2,166
Selling, general and administrative 1,857 1,631
Total costs and expenses 4,647 3,903
Operating loss (4,609) (3,687)
Other income (expense):
Interest income 16 23
Other expense, net (1) (1)
Total other income (expense), net 15 22
Net loss $(4,594)$(3,655)
Net loss per share, basic and diluted$(0.67)$(0.86)
Weighted-average shares used in computing net loss per share,
basic and diluted 6,831,976 4,284,450

Selected Balance Sheet Data
(amounts in thousands)
March 31, December 31,
2020 (1) 2019 (1)
Cash, cash equivalents and short-term investments$2,587 $5,585
Other current assets 632 793
Property, plant and equipment and other noncurrent assets1,165 1,300
Total assets$4,384 $7,678
Liabilities and Stockholders’ Equity
Current liabilities$4,510 $4,003
Noncurrent liabilities 1,157 1,305
Total stockholders’ equity (1,283) 2,370
Total liabilities and stockholders’ equity$4,384 $7,678
(1) March 31, 2020 amounts are unaudited. December 31, 2019 amounts were derived from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission on April 9, 2020.


Source: BioCardia, Inc.


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