Bioheart, Inc, Completes Financing for $11 Million.

Business Editors & Health/Medical Writers

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FORT LAUDERDALE, Fla.--(BW HealthWire)--Feb. 28, 2001

Privately held Bioheart, Inc. announced today that it has completed its first round of financing for a total of $11 million. Included in the $11 million was a $1 million investment from Tyco Ventures, the venture capital unit of Tyco International Ltd.

Bioheart is focused on developing cellular-based heart muscle regeneration therapies. These serve as an alternative to current drug and device therapies and are designed to prevent progression of heart failure and to improve heart function in heart attack patients.

Bioheart's principal initial product under development (MyoCell) is initiated with a biopsy of a patient's thigh muscle. The biopsy will be sent to a Bioheart controlled laboratory where immature muscle cells (myoblasts, which are a form of stem cells programmed to become muscle) will be separated and expanded utilizing a proprietary process. Millions of immature myoblasts will be expanded or grown from the original biopsy to obtain a therapeutic dosage within three to four weeks. The cells will be shipped in a transport/injectate media to the hospital along with a needle-tipped delivery system. At the patient's hospital the cells will be injected into the region of damaged heart muscle. Approximately three to eight weeks subsequent to the MyoCell therapy, improvement of regional heart function appears evident (as demonstrated by PET scans, echo imaging and sonimetric crystals in animals). Bioheart is preparing to begin its first human clinical trials during the second calendar quarter of 2001.

Doris Taylor, Ph.D. is a cell and molecular biologist affiliated with Bioheart and a member of Bioheart's Board of Directors. Dr. Taylor's pre-clinical research in animals with myocardial infarctions (heart attacks) has validated the ability of injected autologous myoblasts to improve both the relaxation and contraction phases of myocardial function after treatment.

Howard Leonhardt, Chairman & CEO of Bioheart, Inc. said, "We are pleased to announce the completion of the financing for $11 million and also to establish a relationship with an industry leader in Tyco. We are committed to building relationships with respected and qualified partners in order to advance the development of Bioheart. The investment from Tyco Ventures and the addition of Mark Maciejewski to our Board of Directors will strengthen our ability to meet our financial and business objectives."

About Bioheart, Inc.

Bioheart, Inc. is focused on the discovery, development and commercialization of cellular-based products for the treatment of cardiovascular diseases, including myocardial infarction, congestive heart failure and angina pectoris. Bioheart believes that its products hold the potential to revolutionize the treatment of cardiovascular diseases and to become a new standard of care by offering patients simpler, more cost-effective and lower-risk alternatives to currently available treatments, (coronary artery bypass surgery, and certain drug therapy). Cell based treatments may allow earlier and more effective interventions for cardiovascular disease. Bioheart's initial autologous cell transplantation technology ("MyoCell") is designed to regenerate functioning muscle in previously infarcted, scarred or non-functioning myocardial tissue.

About Tyco Ventures

Tyco Ventures invests resources in early-stage healthcare and communications technology companies to help them develop and market new products and services. Tyco Ventures is the venture capital arm of Tyco International Ltd., a global company that manufactures, distributes and services products and systems including electronics, undersea fiber optic telecommunications systems and disposable medical products and medical instruments.

Forward Looking Information

This press release contains certain forward-looking statements which are based on management's current expectations and are subject to uncertainties, risks and changes in circumstances, many of which involve factors or circumstances which are beyond Bioheart's ability to control. These factors, risks and uncertainties could cause actual results to differ materially from historical results or those expected, estimated or anticipated in the forward-looking statements. The forward-looking statements in this release include statements addressing the following subjects: Bioheart's products under development, and research studies relating to technology upon which Bioheart's products are based; potential markets and applications for Bioheart's products; human testing of Bioheart's products, and beliefs that the application of Bioheart's products to human patients may be medically or commercially successful; and Bioheart's ability to achieve its financial and business objectives. The forward looking statements included in this press release are made as of the date hereof, and Bioheart undertakes no obligation to update or revise any such statements, whether as a result of new developments, new information or otherwise.