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Cardio3 BioSciences Raises EUR13.7 Million in Series B Fundraising and Grant Funding
Date:1/19/2009

MONT-SAINT-GUIBERT, Belgium, January 19 /PRNewswire/ --

- New Funds to Drive Clinical Development of C-Cure(R), a Second-Generation Cell-Based Therapy for Heart Failure

Cardio3 BioSciences, a leading Belgian biotechnology company specialising in cell-based therapies for the treatment of cardiovascular diseases, has raised EUR7.2 million in a successful Series B fund raising round. The new funds, which have come from a range of new and existing investors, will be used to finance the clinical development of the Company's lead product. C-Cure is 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. C-Cure holds the promise for a treatment that could fundamentally change the future of heart failure patients, one of the world's largest medical needs. The Company plans to enrol shortly approximately 240 patients in a clinical trial with C-Cure to evaluate its potential in the treatment of heart failure.

Cardio3 BioSciences was founded in 2007 by clinicians from the Cardiovascular Center in Aalst, Belgium with a vision of using a cell-based approach for the treatment of heart disease. The Company is led by a senior management team with extensive experience in developing and commercialising pharmaceutical and medical technologies and leverages proprietary technology developed by researchers from Mayo Clinic, a shareholder in the company. 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 specialising in the pharmaceutical hospital industry. Other new investors were not disclosed.

In parallel with this equity fund
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