BioHeart, a Sunrise, Florida-based developer of heart muscle regeneration therapies, raised around $5.8 million in its IPO. The company had originally planned to offer 3.6 million shares at between $14 and $16 per share, but kept slashing until the offer was just 1.1 million shares at between $5 and $5.50 per share (it priced at $5.25). It also dropped underwriters BMO Capital Markets and Janney Montgomery Scott for Merriman Curhan Ford & Co. and Dawson James Securities.
The company began trading yesterday on the Nasdaq under ticker symbol BHRT, and finished the day down at $5.11 per share. It had raised around $40 million in VC funding since 2000, from firms like Ascent Medical Ventures, Guidant, Tyco Capital and Advent-Moro Equity Partners. www.bioheartinc.com