Tiger X Medical has announced a merger with Biocardia Inc to advance development of CardiAMP cell therapy system to treat heart failure.

The two companies have entered a definitive agreement, with the newly formed combined company being called Biocardia. OPKO Health will be a significant stockholder in Tiger X Medical and also support the business as a legal advisor to the company.

"The combined entity is expected to have $23m in cash at closing."

The combined entity is expected to have $23m in cash at closing, which is planned to be used to conduct clinical trials, commercialisation and development of product candidates and other corporate purposes.

ProMetic Life Sciences plans to achieve flexible vertical integration from raw material sourcing to distributing finished biopharmaceuticals in North America and abroad, by acquiring Telesta Therapeutics.

Under the agreement, ProMetic Life Sciences will acquire all of the share capital of the target company.

The acquisition is expected to be complete in November.