Inclusion Criteria:

• Be > 21 years old.
• Have mild or moderate (NYHA Class II or III) CHF secondary to ischemic heart disease.
• Have left ventricular ejection fraction <40%.
• Patients must have total occlusion of one or more extramural coronary arteries demonstrated by diagnostic angiography within 6 months prior to study enrollment.
• Patients must be on a stable cardiac medical regimen (i.e. the same anti-anginal and anti-congestive medications) for 1 month prior to determination of their baseline functional status. The judgment regarding the optimal medical regimen for each individual subject will have been made by the referring cardiologist.
• Subjects must be identified as non-candidates for conventional revascularization by their referring cardiologist.
• Have serum B-type Natriuretic Peptide (BNP) level >100 pg/ml.
• Women of childbearing potential must agree not to become pregnant during the course of the study. Nonsterile men participating in the study must also agree not to impregnate their partners.
• Have the ability to understand the requirements of the study, provide written informed consent, abide by the study restrictions, and agree to return for the required assessments.

Exclusion Criteria:

• Have a history of alcohol or drug abuse within 3 months of screening.
• Subjects with evidence (clinical, laboratory, or imaging) or history of neoplasm, or, cancer recurrence within the past 5 years (other than non-melanoma skin cancer or in situ cervical carcinoma).
• Have evidence of moderate to severe proliferative retinopathy on fundoscopic examination by an ophthalmologist.
• History of severe aortic stenosis (aortic valve area < 1.0 cm2) or insufficiency(>2+); severe mitral stenosis (mitral valve area <1.5 cm2); or severe mitral insufficiency(>2+).
• Coronary revascularization procedures within 6 months of study enrollment.
• Documented stroke or transient ischemic attack (TIA) within 60 days of study enrollment.
• Severe co-morbidity associated with a reduction in life expectancy of less than 1 year, such as chronic medical illness (i.e. severe chronic obstructive pulmonary disease, renal failure or cancer).
• Joint or peripheral vascular disease that severely limit treadmill walking.
• Chronic obstructive pulmonary disease that severely limits walking or FEV1.0<30% predicted.
• Have idiopathic or non-ischemic heart failure.
• Have NYHA Class IV heart failure.
• Have or require mechanical ventricular support
• Had surgical heart failure treatments, including left ventricular reconstructive surgery (Dor procedure, cardiomyoplasty, LV banding, etc.)
• Implantation of biventricular pacemaker within 90 days of study treatment.
• Be pregnant or lactating.
• Have a history of an allergy to penicillin.
• Have sickle cell disease.
• Have an untreatable coagulopathy.
• Have a serum creatinine >3.5 mg/dL.
• Have any clinically significant abnormality in liver function or other clinical chemistry or hematology test (defined as a value more than 2 times the upper limit of the normal range for that value).
• Previous enrollment in the study.
• Be unsuitable for participation in the study, in the opinion of the Investigator.