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Bioheart, Inc. Announces Financial Results for Second Quarter 2008
Date:7/30/2008

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-- On July 2, 2008, the Company announced it was added to the Russell Microcap Index after the Russell Investment Group reconstituted its comprehensive set of U.S. and global equity indexes on June 27, 2008.

-- On July 1, 2008 the Company's Board of Directors appointed Howard J. Leonhardt, Bioheart's co-founder, Chairman of the Board and Chief Technology Officer, to serve as Chief Executive Officer.

Revenues for the quarter ended June 30, 2008 were $16,786 compared to $194,609 in the second quarter of 2007. During the quarter, the Company also recognized $15,000 of development revenue for services performed under a clinical registry agreement. The Company reported a net loss for the second quarter of 2008 of $3.9 million, or $(0.27) per share, compared to a net loss of $2.8 million, or $(0.21) per share, for the same quarter last year. The Company ended the quarter with cash and cash equivalents totaling $1.9 million.

The increase in the Company's net loss in the second quarter of 2008 as compared to the second quarter of 2007 is primarily attributable to increased stock-based compensation and interest expense related to $10 million of debt incurred by the Company in June 2007.

Research and development expenses for the second quarter of 2008 were $1.5 million compared to $1.8 million in the second quarter last year. The primary focus of the Company's research and development activities during the quarter related to the MARVEL Trial. 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 mature muscle cells capable of augmenting cardiac function
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SOURCE Bioheart, Inc.
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