Cardio3 Biosiences goes public
05.06.2013 - After having raised €19m, Belgian reg-med specialist Cardio3 BioSciences has hunger for more. The company announced to go public.
Only two weeks after a capital increase, the company said it will launch an IPO at NYSE Euronext Brussels and NYSE Euronext Paris to raise new funds. Cardio3 BioSciences' lead product C-CureR (C3BS-CQR-1) has been moved to Phase III development following promising results.
Through a process called cardiopoiesis, the company can reprogramme bone marrow cells to become heart precursor cells. Cardio3 BioSciences wants to use them to repair heart failure secondary to ischemic heart disease. The IP was licenced from the US Mayo Clinic (Rochester, Minnesota).
Heart failure is one of the world's greatest unmet medical needs. At 40 years old, a person has a one in five risk of developing heart failure and, once the disorder is apparent, a one in three chance of dying within a year of diagnosis. US$32bn annually is spent on heart failure patients in the US alone.
C3BS-CQR-1 is currently being tested in Europe in the CHART-1 trial, the world's first phase III trial using pre-programmed cardiac progenitor cells for the treatment of heart failure. Phase II results pointed to an increase of 25% of the Left Ventricular Ejection Fraction (LVEF) which was statistically significant (p<0.0001), as was the increase in exercise capacity measured by the 6 minutes Walking Distance test (+77m change at 6 months versus baseline in comparison to the control group (p<0.01). Cardio3 BioSciences intends to start a trial in the US (the CHART-2 trial if the FDA authorizes its start. The CHART programme is designed as two pivotal studies to obtain marketing authorisation in Europe and in the USA respectively, either alone, or in combination with other clinical trials.