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news.Cardio3 BioSciences, a biotechnology company specializing in cell-based therapies for the treatment of cardiovascular diseases, has raised E7.2 million in a successful series B fund raising round. In parallel with this equity fund raising Cardio3 BioSciences has raised a further E6.5 million in cash advances from the Walloon Region General Directorate for Economy, Employment & Research.
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These funds, which bear no interest, become repayable on the commercialization of C-Cure. The new funds, which have come from a range of new and existing investors, will be used to finance the clinical development of C-Cure, the company’s lead product.
C-Cure is said to be a unique therapy that allows the differentiation of a patient’s own cells into ‘cardiopoietic’ cells which grow into new heart cells and repair heart muscle. The company plans to enroll shortly approximately 240 patients in a clinical trial with C-Cure to evaluate its potential in the treatment of heart failure.
Following the successful B series fund raising, Cardio3 BioSciences has added new investors including the Belgium-based investment group Life Science Research Partners, a Luxemburg-based venture capital firm, Hunza Ventures II that focuses on life sciences, IT and cleantech industries, and Grifols, a Spanish holding company specializing in the pharmaceutical hospital industry. Other new investors were not disclosed.
Christian Homsy, CEO of Cardio3 BioSciences, said: Our ability to raise this level of funding in such a difficult environment reflects the significant commercial potential of C-Cure for the treatment of heart failure. With the funding we have announced today we will be able to initiate our forthcoming clinical trial with C-Cure, a study which we are confident will show the product is of real benefit to patients.