Bioheart, an oddball “adult” stem-cell company based in Sunrise, Fla., has slashed its IPO price range — essentially halving the company’s expected market value. David Hamilton, over at VentureBeat Life Sciences, says: “I told you so: Eat your Bioheart out.”
The company’s treatment is supposed to reverse damage caused by heart attacks. However, none of Bioheart’s data so far seems to suggest the treat does what it is supposed to do, and the company can’t even offer a plausible theory as to why it should work. Former NFL quarterback Dan Marino is a backer.