SUNNYVALE, Calif. – BioCardia (NASDAQ:BCDA), Inc. [Nasdaq: BCDA], a developer of cellular and cell-derived therapeutics for heart and lung diseases, announced today that it has been granted a new patent for a specialized cardiac catheter. The United States Patent Office issued Patent No: 12,036,371, titled "Method of Accessing the Left Atrium with a Multi-Directional Steerable Catheter," which is set to expire in 2035.
The patented technology is centered on methods for transseptal access to the heart utilizing steerable introducers, based on the company's Morph DNA technology. This technology is designed to enable smoother navigation during cardiac procedures and aims to eliminate the issue of "whip," which occurs when built-up mechanical forces cause a catheter to suddenly change orientation.
The new patent is expected to bolster BioCardia's portfolio for both current and future products in the transseptal access systems market, which reported revenues of $941.3 million in 2022. This market is projected to grow at a Compound Annual Growth Rate of 7.3%, potentially reaching $2.1 billion by 2033.
BioCardia's President and CEO, Peter Altman, PhD, remarked on the significance of the patent, stating that it represents an "elegant solution to a long-standing technical issue" and enhances physician control during procedures. The company anticipates that its biotherapeutic interventions for heart failure, refractory angina, and acute myocardial infarction will utilize this technology.
BioCardia's therapeutic platforms, including CardiAMP autologous and CardiALLO allogeneic cell therapies, are currently in clinical stage development and are facilitated by its Helix biotherapeutic delivery and Morph vascular navigation product platforms.
This article is based on a press release statement from BioCardia, Inc.
In other recent news, BioCardia, a biotechnology firm, has secured a patent for its cardiac delivery catheter, which is set to expire in 2036. The patent is for the company's Helix system, currently used in clinical trials to deliver cellular aggregates to the heart. Additionally, BioCardia has announced a reverse stock split, approved by stockholders and the Board of Directors, with a ratio of 1 post-split share for every 15 pre-split shares.
The company's Q1 2024 financial performance reported revenue of $55,000 and a net loss of $2.3 million. However, BioCardia's CardiAMP autologous cell therapy trials have shown significant risk reductions in heart failure-related events. The company is also in discussions with Japanese regulatory authorities and potential partners for commercializing its therapies in Japan, with final results from clinical trials expected by Q4 2024.
InvestingPro Insights
As BioCardia, Inc. [Nasdaq: BCDA] secures a new patent for its cardiac catheter technology, the company's financial landscape presents a mixed outlook. While the patented technology could enhance BioCardia's market position and address a sizable annual market of transseptal procedures, InvestingPro data indicates some challenges on the financial front.
With a modest market capitalization of $5.75 million, BioCardia's financial metrics reflect some of the hurdles it faces. The company's revenue for the last twelve months as of Q1 2024 stands at $0.47 million, which represents a steep decline of 65.49% compared to the previous period. The gross profit margin during the same timeframe paints a challenging picture, with a negative figure of -1306.62%, underscoring the company's struggles to maintain profitability.
InvestingPro Tips highlight several areas of concern for investors considering BioCardia's stock. The company is quickly burning through cash and suffers from weak gross profit margins, which are critical factors for its long-term financial health. Additionally, short term obligations exceed liquid assets, indicating potential liquidity issues that could impact operational flexibility. These financial insights suggest that while the new patent is a positive development, the company's financial stability remains uncertain.
For a deeper dive into BioCardia's financial health and strategic positioning, investors can access additional InvestingPro Tips at https://www.investing.com/pro/BCDA. Currently, there are 11 more tips available, offering valuable perspectives on the company's performance and outlook. To gain comprehensive insights and make informed investment decisions, readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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