In a recent filing with the Securities and Exchange Commission, BioCardia, Inc. (NASDAQ:BCDA) disclosed that its President and CEO, Peter Altman, purchased additional shares of the company's common stock. On December 5, Altman acquired 250 shares at an average price of $2.22 per share, amounting to a total transaction value of $555. Following this acquisition, Altman now directly owns 105,581 shares of BioCardia. The micro-cap company, currently valued at $10.6 million, maintains a strong balance sheet with more cash than debt, according to InvestingPro data.
The purchase was executed in multiple trades, with prices ranging from $2.17 to $2.24 per share. The weighted average price is reported as $2.22 per share. This transaction reflects Altman's continued investment in the company, where he holds both directorial and executive officer roles. The purchase comes as BioCardia's stock has declined over 77% in the past year, with the current price well below its 52-week high of $10.79. For comprehensive insider trading analysis and additional financial insights, investors can access the full Pro Research Report on InvestingPro, which covers over 1,400 US stocks.
In other recent news, BioCardia, a biotechnology company, is making significant strides in its CardiAMP cell therapy trials for heart failure. The therapeutic asset, BCDA-01, is nearing registration in Japan for treating ischemic heart failure, following a promising consultation with the Pharmaceutical (TADAWUL:2070) and Medical (TASE:PMCN) Device Agency (PMDA) of Japan. Despite facing financial challenges, including a substantial revenue decline and rapid cash burn rate, the company managed to strengthen its cash position following a public offering that raised $7.2 million.
These recent developments also include the CardiAMP Heart Failure II trial's expansion to accommodate more patients. BioCardia's strategic plans involve launching its therapies in Japan, leveraging regulatory advantages to expedite the process. Furthermore, the company plans to complete key objectives by the end of 2024, including data lock on the CardiAMP Heart Failure I trial and activating additional centers for the CardiAMP Heart Failure II trial.
The company's financial health has also improved, with a decrease in net loss to $1.7 million. BioCardia's BCDA-01 has received Breakthrough Designation from the FDA Center for Biological Evaluation and Research, further validating its potential. The company's recent progress and strategic plans suggest a commitment to overcoming its challenges and achieving success in the coming years.
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