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

raising Cardio3 BioSciences has raised a further EUR6.5 million in cash advances from the Walloon Region General Directorate for Economy, Employment & Research. These funds, which bear no interest, become repayable on the commercialisation of C-Cure.

Christian Homsy, CEO of Cardio3 BioSciences commenting on today's announcement 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. The backing of our investors also demonstrates their confidence in the Cardio3 BioSciences team's ability to bring this unique cell-based treatment to market. 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."

C-Cure is a second-generation cell therapy for the treatment of heart failure and draws on an unrivalled understanding of the fundamental science of heart cell development at Mayo Clinic and within the Cardio3 BioSciences scientific in-house team. The product involves taking a patient's own bone marrow cells and through a proprietary culturing technology, gives rise to 'cardiopoietic' cells that can regenerate damaged heart muscle. Unlike previous cell therapies for this indication, C-Cure is designed to produce new autologous heart muscle cells which behave identically to those lost in infarction without carrying the risk of rejection.

The urgent need for a product like C-Cure to improve the treatment of heart failure is evidenced by the fact that its clinical development is being guided by some of the leading clinicians in the field in Europe and the US. Leading clinicians include Andre Terzic, M.D., Ph.D. Mayo Clinic and Dr. Jozef Bartunek, Associate Director of the Cardiovascular Center, Aalst. The trial's steering committee also includes Dr. Willi
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SOURCE Cardio3 BioSciences
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