BIOLIFE4D, which is developing synthetic human hearts by utilizing 3D bioprinting technology, announced terms for its IPO on Tuesday.
The Buffalo Grove, IL-based company plans to raise $15 million by offering 2.4 million units at a price range of $5.20 to $7.20. Each unit consists of one share of common stock and two warrants, exercisable at $5.95. At the midpoint of the proposed range, BIOLIFE4D would command a market value of $37 million.
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 2022 IPO stats.
The company plans to create a patient-specific, fully functioning heart through 3D bioprinting using a patient’s own cells to eliminate the challenges of organ rejection and long donor waiting lists that exist in current organ transplant methods. As a precursor to a full-scale organ replacement product, BIOLIFE4D 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.
