Stem cell experts raise €19m
10.05.2013 - Cardio3 BioSciences has increased its equity by €19m through a private placement of existing investors.
The new funds will be used to finance further clinical development of C3BS-CQR-1 (C-Cure®) in the CHART-1 study (Congestive Heart failure Cardiopoietic Regenerative Therapy), said the company. Recently, Cardio3 BioSciences (Mont-Saint-Guibert) published proof-of-concept data of a Phase II trial of its autologous stem cell therapy for chronic heart failure following ischemic cardiomyopathy. The Belgian company reprogrammes autologous bone marrow cells into ‘cardiopoïetic’ cells with the aim of growing new heart tissue thereby repairing damaged heart muscle. The therapy was licenced from researchers at the Mayo Clinic (Rochester, Minnesota, USA).
Of the €19m raised, €7m is in new equity committed by existing investors, with €12m resulting from the conversion of existing convertible loans. The formal capital increase was approved at a shareholder meeting and is expected to complete by the end of May 2013.
Christian Homsy, CEO of Cardio3 BioSciences, said: „The new funding will allow us to proceed with our European Phase III trial in patients with Congestive Heart failure. We are confident that this study will confirm that C-Cure has the potential to significantly improve the disease course of those very sick patients, and could lead to a paradigm shift in the treatment of heart failure.“