Why BioCardia Inc. (BCDA) stock had a good Wednesday?

BioCardia Inc. (BCDA) shares rose 11.61% in after-hours on Wednesday, December 22, 2021, and closed the daily trading at $2.50. Even in the regular trading session, BCDA’s stock gained 6.16%. BCDA shares have fallen 41.51% over the last 12 months, and they have moved up by 30.23% in the past week. Over the past three months, the stock has lost 37.43%, while over the past six months, it has declined 50.11%.

Let’s discuss its recent news and developments.

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BCDA new manufacturing facility

On December 15, 2021, BioCardia, Inc. (BCDA) entered into a long-term lease for a new facility in Sunnyvale, California. The new facility will support the manufacturing of BioCardia’s cell and device products and product candidates across the Company’s therapeutic pipeline.

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BCDA latest financial results

On November 10, 2021, BioCardia, Inc. (BCDA) released financial results for the third quarter of 2021.

Q3 2021 financial highlights

  • BCDA revenue was $2.7 million for the third quarter of 2021, compared to $3.8 million in the third quarter of 2020.
  • Research and development expenses were $2.2 million in Q3 2021, compared to $2.5 million in the third quarter of 2020.
  • Selling, general and administrative expenses were$1.3 million in Q3 2021 compared to $1.4 million in Q3 2020.
  • It suffered a net loss of $2.7 million in Q3 2021 compared to a net loss of $3.8 million in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents totaling $15.9 million.

Update about BCDA Phase III pivotal CardiAMP

On October 21, 2021, BioCardia, Inc. (BCDA) announced the treatment of the first patient in its Phase III pivotal CardiAMP Cell Therapy Chronic Myocardial Ischemia Trial for patients with no option chronic myocardial ischemia with refractory angina. These patients experience frequent angina attacks that are uncontrolled by optimal drug therapy but are not suitable candidates for stent placement or bypass surgery, leaving them with no therapeutic options.

Up to 343 patients will be enrolled in the trial in approximately 40 centers. The primary endpoint will evaluate improvement in exercise tolerance at six months following the study procedure.

BCDA new U.S patent

On October 12, 2021, BioCardia®, Inc. (BCDA) issued U.S. Patent No: 11,141,568 for “Multi-Directional Steerable Catheter” that further protects the Helix™ Biotherapeutic Delivery System and enhances its biotherapeutic therapy delivery capabilities.

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Well, as of this writing, there is no recent news that could justify its Wednesday performance. Let’s see how it performs in the coming trading sessions on Thursday?

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