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Bioheart, Inc. Announces Financial Results for First Quarter 2008
Date:5/15/2008

elated to $10 million of debt incurred by the Company in June 2007. Amortization of the value of warrants issued in connection with the Company's $5 million loan from Bank of America comprised a substantial portion of this interest expense. The value of these warrants was fully amortized during the quarter and, accordingly, the Company expects its interest expense to decrease in the second quarter of 2008.

Research and development expenses for the first quarter of 2008 were $1.4 million, comparable to $1.4 million in the first quarter last year. The primary focus of the Company's research and development activities during the quarter related to the MARVEL and SEISMIC Trials. The Company ended the quarter with cash and cash equivalents totaling $4.8 million.

"This past quarter was significant for Bioheart as we made a lot of progress in a short period of time, both in our business, with the completion of the IPO, and clinically, with the presentation of final results from our MYOHEART and SEISMIC Trials," said William M. Pinon, president and chief executive officer of Bioheart. "We are planning to build on that momentum as we focus on MARVEL Trial site activation and patient enrollment, in order to expand our clinical body of evidence in treating congestive heart failure patients. This Phase II/III, 330-patient, double-blind, randomized, placebo-controlled trial is designed to study the safety and efficacy of our MyoCell therapy on myocardial function in congestive heart failure patients who have had prior heart attacks."

The MARVEL Trial is the largest clinical trial of its kind to date, investigating the use of autologous myoblasts to treat patients suffering from congestive heart failure. These myoblasts, adult stem cells that are precursors to muscle, are derived from the patient's own body. When injected into scar tissue within the heart wall, myoblasts have shown they are capable of engrafting in the damaged tissue and differentiating into
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SOURCE Bioheart, Inc.
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