BioCentury
ARTICLE | Financial News

Cardio3 BioSciences raises EUR 12.5 million

July 2, 2014 12:21 AM UTC

Cardio3 BioSciences S.A. (Euronext:CARD) raised EUR 12.5 million ($17.1 million) through the sale of 284,090 shares at EUR 44 in the second tranche of a EUR 25 million ($34 million) private placement to Medisun International Ltd. (Hong Kong, China). The price is a 3% premium to the company's close of EUR 42.66 on June 13, before the financing was announced. Cardio3 closed the first EUR 12.5 million tranche last month.

Last month, Cardio3 and Medisun announced the formation of a JV called Cardio3 BioSciences Asia Holdings Ltd. to conduct Phase III trials in China, Hong Kong and Taiwan for Cardio3's C-Cure. The compound is in the European Phase III CHART-1 trial to treat chronic heart failure (CHF) secondary to ischemic cardiomyopathy. Cardio3 expects to complete enrollment in CHART-1 by year end, with data expected by the end of 2015. C-Cure is a cellular therapy based on autologous stem cells differentiated into cardiac precursors called cardiopoietic cells that are injected into a patient's heart via Cardio3's C-Cath intra-myocardial delivery catheter. ...