Cardio3 BioSciences raises nearly $17.5M

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Cardio3 BioSciences, a cell-based biotechnology company for the treatment of cardiovascular diseases, has raised €7.2 million ($9.28 million, U.S.) in a series B fund raising round and a further €6.5 million ($8.39 million, U.S.) in cash advances.

The new funds, which have come from new and existing investors, will be used to finance the clinical development of the company’s product, C-Cure, according to the Mont-Saint-Guibert, Belgium-based Cardio3.

C-Cure is a therapy that allows the differentiation of a patient’s cells into cardiopoïetic cells which grow into new heart cells and repair heart muscle. The company said it plans to enroll 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 fundraising, Cardio3 said it 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 and IT industries, and Grifols, a holding company specializing in the pharmaceutical hospital industry. Other new investors were not disclosed.

In parallel with the equity fund raising, Cardio3 has raised a further €6.5 million ($8.39 million) in cash advances from the Walloon Region General Directorate for Economy, Employment & Research. Cardio3 said that the funds, which bear no interest, become repayable on the commercialization of C-Cure.