SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-06
Accession Number: 0001493152-25-016953
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225016953/filename1.htm

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of false claims for federal reimbursement. Additionally, under the Physician Payment Sunshine Act, we must report payments and other transfers of value made to healthcare providers. Compliance with these laws is critical, as violations can result in substantial civil and criminal penalties, exclusion from federal healthcare programs, and significant reputational damage. Data privacy regulations also govern our handling of sensitive information. HIPAA in the U.S. mandates strict protocols for the collection, storage, and disclosure of patient health information. In the European Union, we are subject to the General Data Protection Regulation (“GDPR”), which imposes stringent rules on the use, transfer, and protection of personal data. Both HIPAA and GDPR carry significant penalties for non-compliance, and we have implemented policies and safeguards to ensure adherence to these data protection laws. Compliance with international privacy regulations is essential for protecting patient confidentiality, maintaining trust, and avoiding severe financial and operational penalties. Employees

of December 31, 2024, we had two (2) full-time and two (2) subcontracted employees. None of our employees are represented by a collective
bargaining agreement, and we have never experienced any work stoppage. We believe we have good relations with our employees.

Properties
and Facilities

Our
corporate headquarters and sole manufacturing facility is located in Mansfield, Massachusetts. We occupy approximately 9,000 square feet
of leased space at this location pursuant to a lease agreement that expires in September 2028, with an option to renew for an additional
five years. This facility houses our manufacturing operations, quality control laboratory, research and development activities, limited
administrative functions, and serves as our corporate headquarters.

Our
Mansfield facility is designed and operated to comply with current cGMP as required by the FDA and the applicable requirements of the
European Union, including ISO 13485 certification. We manufacture product at this facility primarily to support our clinical studies,
commercial activities outside of the United States, and anticipated future commercial sales in the United States, subject to regulatory
approval.

While
this facility serves as our corporate headquarters, only one of our co-Chief Executive Officers is based at this location on a regular
basis. The majority of our other executive and administrative functions operate in a remote-first environment.

believe that our existing facility is adequate to meet our current needs for manufacturing, development, and limited corporate functions.
However, as we expand our operations and prepare for potential commercial-scale production, we may evaluate the need for additional manufacturing
capacity or expansion of our current facility. We believe that suitable additional or alternative space would be available in the Mansfield
area or other locations on commercially reasonable terms if required.

Legal
Proceedings

August 31, 2023, we received a complaint (the “Complaint”) by former stockholder Gary Moline (the “Plaintiff”)
that was filed in the Court of Chancery of the State of Delaware (the “Court”), in which the Plaintiff asserted various causes
of action, including breach of our charter, breach of fiduciary duties claims, and assertion of a class action designation plus attorney’s
fees, against BioVentrix, its officers and directors, and certain other parties in connection with a recapitalization of BioVentrix that
was consummated in February 2023. We believe that we have substantial defenses to these claims and intend to vigorously dispute these
allegations and defend against the assertions in the Complaint and filed a Motion to Dismiss the Complaint on October 5, 2023 and an
Opening Brief in support of our Motion to Dismiss on November 7, 2023. The Plaintiff responded to the Motion to Dismiss on December 15,
2023 in which the Plaintiff conceded that he no longer intends to pursue a breach of charter claim but otherwise opposed the remainder
of Defendants’ Motion to Dismiss. On January 5, 2024, the Defendants filed their Reply to Plaintiff’s Opposition to Defendants’
Motion to Dismiss. The Court dismissed Count I and Count III of the Plaintiff’s Complaint on May 1, 2024 and the Defendants filed
an Answer to Plaintiff’s Complaint with the Court on June 12, 2024. We are currently in the discovery process regarding this Complaint.

Changes
in and Disagreements with Accountants

None.

Corporate
Information and History

Our
predecessor, CHF Technologies, Inc. (“CHF”), was incorporated under the laws of the State of California on October 15, 2003. On June 8, 2012, we incorporated BioVentrix, Inc., under the laws of the State of Delaware, and subsequently
merged CHF Technologies, Inc. with and into BioVentrix, Inc. on June 18, 2012 with BioVentrix, Inc. being the surviving corporation in
the merger. Our principal executive office is located at 120 Forbes Blvd., Suite 125, Mansfield, MA 02048, and our telephone number is
(925) 290-1000. Our website is www.bioventrix.com. Information contained on, or available through, our website does not constitute
part of, and is not deemed incorporated by reference into, this prospectus, and investors should not consider any such information as
part of this prospectus.

December 23, 2021, we incorporated BVX Acquisition Inc, a wholly owned subsidiary of BioVentrix, Inc., under the laws of the State of
Delaware. On January 6, 2022, BVX Acquisition, Inc. was merged with and into MateraCor, Inc., a Delaware corporation (“MateraCor”),
through a reverse triangular merger, with MateraCor being the surviving corporation in the merger and in which the stockholders of MateraCor
received cash and shares of common stock of BioVentrix with the potential to receive additional shares of our common stock upon our achievement
of certain milestones.

BioVentrix
GmbH, our wholly-owned subsidiary, is a German limited liability company (Gesellschaft mit beschränkter Haftung) that was organized
under the laws of Germany in 2020 with a business address at Muehlenhof 7-9, 40721 Hilden, registered with the commercial register of
the local court (Amtsgericht) in Duesseldorf under HRB 90756.

MANAGEMENT

Executive
Officers and Directors

The
following table sets forth information regarding our executive officers, directors and director nominees as of the date of this prospectus.

Name Age Position

David
Richmond 53 Chairman,
Co-Chief Executive Officer, and Chief Financial Officer

Steven
Chartier 56 President,
Co-Chief Executive Officer, and Director

Ori Ben-Yehuda 66 Chief
Medical Officer

Mark
Ravich 72 Independent
Director Nominee

Rishi Puri 48 Independent
Director Nominee

William Abraham [  ] Independent
Director Nominee

Executive
Officers

David
Richmond has been our Chairman, President, Co-Chief Executive Officer, and Chief Financial Officer since January 2024. Prior
to that, from July 2019, Mr. Richmond was a board observer of our Board before being asked to become a full board member in August 2021.
Since 1994, Mr. Richmond has also been the founding partner and Chairman of Richmond Brothers, Inc. (“RBI”), an SEC registered
investment advisor. Mr. Richmond has been responsible for the strategic planning of RBI and its affiliates, led the creation of RBI private
funds, and sits as committee chairman for overall client asset allocation. RBI private funds specialize in (but are not limited to) biotech,
pharma, specialty pharma, and medical device companies. RBI private funds prefer to focus on disruptive companies developing their first
drug or device changing the paradigm in the area in which they operate.

Richmond earned his BA in Marketing from Michigan State University in 1994. He earned his Master of Science in Financial Services
(MSFS) as well as his CLU, ChFC, CAP designations from the American College. Mr. Richmond is a Certified Public Company Director through
the UCLA Anderson School of Management (2021).

Steven
Chartier has been our President, Co-Chief Executive Officer, and Director since Jan 15, 2025. With over 30 years of experience
in the medical device and biotechnology industries, Mr. Chartier has demonstrated leadership in both large organizations and startup
environments. Prior to his current role, from January 2024 to January 2025, he served as Vice President of Regulatory and Quality at
Conformal Medical, Inc., a company specializing in cardiovascular left atrial appendage devices. His previous tenure at BioVentrix, spanning
from December 2021 to December 2023, included serving as Chief Operating Officer. Mr. Chartier was Vice President of Clinical Operations
at Sirtex Medical from September 2020 to December 2021. Mr. Chartier has also held key positions at Cardiovascular Clinical Sciences
(2019-2020), Anika Therapeutics (2017-2019), and InfraReDx (2007-2015), where he developed expertise in clinical operations, regulatory
affairs, quality assurance, and manufacturing. Notably, at Anika Therapeutics, he was Vice President of Regulatory and Clinical Affairs,
overseeing global regulatory strategies and clinical development for the company’s orthobiologics and regenerative medicine pipeline.
Mr. Chartier began his career in clinical research and trial coordination at Dana-Farber Cancer Institute and Beth Israel Deaconess Medical
Center. Mr. Chartier earned a Bachelor of Arts in Psychology from Saint Anselm College in 1990 and obtained Regulatory Affairs Certification
from the Regulatory Affairs Professional Society in 2003.