Biocardia, Inc. (BCDA) is a leading regenerative therapeutics firm engaged in the development of therapeutics for cardiovascular diseases. The lead pipeline candidate of the company is CardiAMP used in treating heart attack and chronic myocardial ischemia. Bone marrow-derived mesenchymal stem cell therapy is another lead candidate for its therapeutic potential against ischemic systolic myocardial infractions.
The price of BCDA stock during the regular trading on February 2, 2022, was $1.57 with a dip of 6.55%. At last check in the premarket on February 3, 2022, the stock price rocketed by 27.3%.
Events and Happenings
On February 3, 2022, BCDA updated about the grant of Breakthrough Device Designation by the FDA to the lead candidate CardiAMP Cell Therapy System. It is considered to be the pioneer receiver of cardiac cell therapy by FDA.
BCDA: CEO Comments
Speaking at the momentous occasion, BCDA CEO Peter Altman stated that the previously published results of the clinical studies had met the company’s expectations. He further added that the company had added three elements to enhance its success probability after certain discrepancies in the previous trials.
On January 10, 2022, BCDA reported that the Executive management participated at the following virtual investor conferences.
- The H.C. Wainwright BioConnect Virtual Conference on January 10-13
- The Biotech Showcase taking place January 10-12
On December 15, 2021, BCDA updated about its entry into a long-term contract for a new building location. The facility provides growth opportunities to the production of the company’s product candidates.
BCDA: Key Financials
On November 10, 2021, BCDA released its financial results for the third quarter of 2021. Some of the important updates are as follows
Revenue
Revenue recorded in Q3 2021 was $0.82 million compared to $0.03 million in the same period of 2020. The analyst’s estimate of the revenue for the quarter was $0.04 million.
EPS
Basic and diluted net loss per share in Q3 2021 was $2.7 million or $0.16 compared to $3.8 million or $0.30 per share in the same quarter of 2020. The company topped the analysts’ consensus estimates of $0.21 net loss by $0.05.
Conclusion
BCDA stock downplayed by 55% from the past few months as the companies are showing decelerating trend due to pandemics. The company’s recent premarket leap came after the FDA’s approval of breakthrough device designation by CardiAMP. The company’s stock is outperforming and is capable to attract investments.
