BioCardia Shares Drop 10% After Public Offering Prices

Dow Jones08-30

By Chris Wack

BioCardia shares were down 10% to $3.61 after the company priced a public offering, which includes participation from management and directors, institutional investors and certain existing investors.

The therapeutic treatment company said the offering is for the purchase and sale of 2.4 million shares and warrants to buy up to 2.4 million shares at a combined offering price of $3 a share and accompanying warrant.

The California-based company expects to receive proceeds of $7.2 million, before deducting placement agent fees and other offering expenses.

The warrants will have an exercise price of $3 a share, will be exercisable immediately and will expire five years from the issuance date.

The closing of the offering is expected to occur Tuesday. BioCardia intends to use the proceeds from the offering for working capital and general corporate purposes.

The stock hit its 52-week low of $1.96 Wednesday, but jumped 83% Thursday after the Food and Drug Administration cleared BioCardia to market the Morph DNA Steerable Introducer product family, through which medical instruments, such as balloon dilatation catheters, guidewires or other therapeutic devices, may be introduced into the peripheral vasculature or chambers and coronary vasculature of the heart.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 30, 2024 09:55 ET (13:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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