Note 19 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

( 19 ) Subsequent Events

On

February 17, 2021,

the Company entered into an agreement with a leading international pharmaceutical company to assess the Helix™ Biotherapeutic Delivery System in preclinical testing. Under the terms of the agreement, the Company received a

$500,000

up-front payment, a portion of which is creditable for BioCardia biotherapeutic delivery systems, support and training. The agreement includes a

one

-year option to negotiate a non-exclusive worldwide license for therapeutic delivery of certain cell types for cardiac indications.

On

March 29, 2021,

the Company and Lincoln Park Capital Fund, LLC, (Lincoln Park) entered into a purchase agreement pursuant to which Lincoln Park purchased

$2

million of shares of the Company's common stock (

373,832

shares) at a purchase price of

$5.35

per share. Under the purchase agreement, the Company has the right to sell to Lincoln Park shares of common stock having an aggregate value of up to

$20

million, including the initial

$2

million purchase, subject to certain significant limitations of the amount and timing of any such sales due to the terms and conditions set forth in the purchase agreement. 

In consideration for entering into the purchase agreement with Lincoln Park, the Company agreed to issue an aggregate of

75,000

shares of common stock as a commitment fee. In addition, the Company agreed to issue to Lincoln Park up to an aggregate of

50,000

additional shares of common stock as a further commitment fee based on a pro-rata percentage of the

$20

million of common stock issued to Lincoln Park under the Purchase Agreement as Purchase Shares (as such term is defined in the purchase agreement with Lincoln Park). On

March 29, 2021,

the Company issued

80,000

shares of common stock as commitment shares (which includes

5,000

commitment shares issued on a pro rata basis in respect of the initial purchase by Lincoln Park of

$2

million of shares). The Company will

not

receive any cash proceeds from the issuance of any of the foregoing commitment shares.

The net proceeds under the purchase agreement to the Company will depend on the frequency and prices at which shares of common stock are sold to Lincoln Park.  Actual sales of shares of common stock to Lincoln Park under the purchase agreement and the amount of such net proceeds will depend on a variety of factors, including market conditions, the trading price of the common stock and determination by the Company as to other available and appropriate sources of funding for the Company.  The Company expects to use the proceeds from this agreement for general corporate purposes and working capital.