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Bioheart, Inc. Announces Financial Results for First Quarter 2008

rt failure.

-- Bioheart initiated its patient registry clinical trial protocol for

MyoCell with MyoCath(R) Injection Catheter delivery in Korea, Singapore

and Switzerland, adding to the number of patients enrolled and

commitment to purchase Bioheart catheters for research purposes.

Other Business Highlights

-- On March 17, 2008, the Company was awarded a U.S. Patent for a method

to repair damaged myocardium (heart tissue) by a combination of cell

transplantation and electrostimulation. The award of this patent brings

to more than 100 the number of related patents and patents pending to

which the Company holds rights. The patent covers methods for repairing

damaged heart tissue by providing electrostimulation to patient-derived

myogenic cells either in the laboratory, while the cells are expanding,

or after the cells are implanted into the damaged areas of the

patient's heart.

-- The May 2008 issue of Cath Lab Digest featured an article on MyoCell

Therapy and the SEISMIC Trial and an interview with Warren Sherman, MD,

Director, Cardiac Cell-based Endovascular Therapies, Columbia

University Medical Center, New York, New York and Principal

Investigator of the MYOHEART Trial and the Phase II/III MARVEL Trial.

Revenues for the quarter ended March 31, 2008 increased to $25,995 compared to $13,805 in first quarter of 2007. During the quarter, we also recognized $61,500 of development revenue for services performed under a clinical registry agreement. The Company reported a net loss for the first quarter of 2008 of $3.3 million, or $(0.24) per share, compared to a net loss of $2.3 million, or $(0.18) per share, for the same quarter last year. The increase in the Company's net loss in the first quarter of 2008 as compared to the first quarter of 2007 is primarily attributable to increased interest expense r

SOURCE Bioheart, Inc.
Copyright©2008 PR Newswire.
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