BIOLIFE4D, which is developing synthetic human hearts by utilizing 3D bioprinting technology, lowered the proposed deal size for its upcoming IPO on Thursday.
The Buffalo Grove, IL-based company now plans to raise $8 million by offering 1.3 million units at a price range of $5.20 to $7.20. The company had most recently filed to offer 3.6 million units at the same range. Each unit consists of one share of common stock and one warrant, exercisable at $6.07. At the midpoint, BIOLIFE4D will raise 64% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.5 million shares, which may be offered and sold from time to time pursuant to the separate resale prospectus.
Because the company is offering units with warrants attached and is expected to have a post-IPO market cap of less than $50 million, BIOLIFE4D will be excluded from Renaissance Capital's 2023 IPO stats.
BIOLIFE4D plans to create a patient-specific, fully functioning heart through 3D bioprinting using a patient's own cells. The company is focusing its initial efforts on producing a functional mini-heart that can be deployed for cardiotoxicity testing. Once optimized, the mini-heart will have four chambers, valves, greater vessels, musculature, electrical activity, and be capable of generating intraluminal pressures. Other opportunities for the company include manufacturing medical equipment such as cardiac valves, patches, and grafts.
BIOLIFE4D was founded in 2016 and plans to list on the Nasdaq under the symbol SAVU. Aegis Capital Corp. is the sole bookrunner on the deal.
