For being a romeo with a pimped-out pad, Bioheart CEO Howard Leonhardt is sure putting some elbow grease into Bioheart. And why not, Bioheart may be at it’s end.

Bioheart, the only biotech IPO of 2008 and now listed on the OTC, reported today that it lost $14.2M on revenue of $57K in 2008, compared to a loss of $18.1M on revenue of $292K in 2007.

To make matters worse, Bioheart finished up 08 with $50K in cash and a $96.8M deficit! Yikes!!!

Leonhardt is up and at em though, and continues to look for additional financing to pay salaries, overhead, etc and for another trial of Myocell. Back in March, Bioheart said it entered into a non-binding letter of intent to raise $7M from Organic Business Alliances, however the latest report had no mention of the investment. According to Leonhardt, the deal is “pending” and that investors have asked him to match the $7M from other sources.

Leonhardt also said that if the company can secure the seven “big-ones,” then they can survive until August when he expects Bioheart to be cash flow positive. Until then, Leonhardt continues to strategize in this awesome Florida chateau…

Howie, you know we’re just hating on your game, right? Hang in there bro.

Image from entrepreneurshipparty

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