NEW YORK – BioCardia, a company developing cell therapies for cardiovascular conditions, has regained full compliance with Nasdaq's listing requirements, the company announced Wednesday.
Sunnyvale, California-based BioCardia said it received notice from Nasdaq on Tuesday confirming that it had demonstrated compliance with Nasdaq's listing rule 5550(b)(1), commonly known as the equity rule, which requires that companies listed on the market maintain stockholders' equity of at least $2.5 million.
This announcement follows BioCardia's efforts to improve the company's balance sheet, including raising new capital.
Earlier this month, BioCardia closed a public offering of 2.4 million shares of common stock that raised $7.2 million in gross proceeds. In May, the company had announced a reverse stock split at a ratio of 1 post-split share for 15 pre-split shares in an effort to increase the minimum bid price of its common stock.
BioCardia has hit some snags in its clinical development efforts. The company had started a pivotal Phase III trial for an autologous cell therapy candidate, CardiAMP, as a treatment for ischemic heart failure with reduced ejection fraction in 2016 but last year determined it was unlikely to improve clinical outcomes compared to a control group. The company has since started enrolling patients in a new confirmatory Phase III trial studying CardiAMP in a biomarker-defined subgroup of patients.