SUNRISE, Fla., Oct. 31, 2008 (GLOBE NEWSWIRE) -- Bioheart, Inc., (Nasdaq:BHRT), today announced that its non-binding letter of intent to acquire Medicalgorithmics SP. z.o.o. has been terminated.
"While we believe the acquisition of Medicalgorithmics would have presented significant opportunities for the two companies, due to current market conditions, we believe this transaction would not be in the best interest of our shareholders at this time," said Howard J. Leonhardt, Chairman, CEO and CTO, Bioheart. "We thank the management team of Medicalgorithmics for the opportunity to pursue this partnership and we wish them well in the future."
About Bioheart, Inc.:
Bioheart, Inc. (Nasdaq:BHRT) is committed to delivering intelligent devices and biologics that help monitor, diagnose and treat heart failure and cardiovascular diseases. Its goals are to improve a patient's quality of life and reduce health care costs and hospitalizations. Specific to biotechnology, Bioheart is focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage. Its lead product candidate, MyoCell(r), is an innovative clinical muscle-derived stem cell therapy designed to populate regions of scar tissue within a patient's heart with new living cells for the purpose of improving cardiac function in chronic heart failure patients. The Company's pipeline includes multiple product candidates for the treatment of heart damage, including Bioheart Acute Cell Therapy, an autologous, adipose tissue-derived stem cell treatment for acute heart damage, and MyoCell(r) SDF-1, a therapy utilizing autologous cells that are genetically modified to express additional potentially therapeutic growth proteins. For more information on Bioheart, visit www.bioheartinc.com.
MyoCell and MyoCell SDF-1 are trademarks of Bioheart, Inc.