Cardio3 Raises Funds Through IPO To Support Phase III C-Cure Study
Cardio3 BioSciences has successfully completed its initial public offering (IPO) that was priced at EUR 16.65 per share. Cardio3 BioSciences will issue 1,381,500 new shares equivalent to EUR 23.0 million including the partially exercised increase option. Additionally, an over-allotment option to subscribe to up to 207,225 additional shares at the IPO price, equivalent to EUR 3.45 million, has been granted to Kempen & Co, on behalf of the joint bookrunners, for the sole purpose to cover over-allotments, if any. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to EUR 26.45 million. The book was well covered with high quality demand from Belgium, France, UK, Scandinavia, the Netherlands and US.
The shares have been listed and conditional trading was expected to commence as of 5th July on NYSE Euronext Brussels and on NYSE Euronext Paris under the symbol CARD. Delivery and payment of the shares is expected to be made on 9th July 2013.
The success of the IPO will allow the company to complete its European Phase III study for C-Cure, a unique cell therapy aimed at repairing damaged tissue and improving heart function, clinical outcomes and quality of life. The new funds will help the company to gain approval from the FDA to begin its US study and begin clinical trials with one of its pipeline products for acute myocardial infarction.
Having achieved positive Phase II results, recently published in the Journal of the American College of Cardiology, the product is currently being tested in Europe in a Phase III trial (CHART-1). CHART-1 is the worldâs first Phase III trial using pre-programmed cardiac progenitor cells for the treatment of heart failure.