More and more developments on the health front, as we head into a long weekend; San Carlos, Calif.- based BioCardia Inc. (NASDAQ: BCDA), a leader in the development of comprehensive solutions for cardiovascular regenerative therapies, today reported financial results for its fiscal year.
Revenues increased 14% year over year to $710,000 in 2019 compared to $625,000 in 2018.Research and development expenses increased to $8.6 million in 2019, compared to $8.5 million in 2018, primarily due to expenses associated with the pivotal CardiAMP™ Heart Failure Trial. Loss on the year, however, registered $14.7 million for 2019, compared to $14.0 million for 2018.
Among other business highlights, the company reported its CardiAMP® Cell Therapy received positive DSMB recommendations – the independent Data Safety Monitoring Board completed two prespecified data reviews since 2019 for the Phase III pivotal trial of its lead autologous cell therapy for the treatment of heart failure and issued positive recommendations in both instances to continue the trial, as planned, as there were no safety concerns.
Shares in BCDA prospered 7.17 cents, or 2.4%, to $3.07.
