• This capital increase completes the first part of the agreement with Medisun International Limited
• Total deal with Medisun valued at €70 million.
Mont-Saint-Guibert, Belgium, - Cardio3 BioSciences (C3BS) (Euronext Brussels and Paris: CARD), a leader in the discovery and development of advanced regenerative therapies for heart disease, today announces the completion of a capital increase of €25 million at €44 a share initiated on 16 June 2014. The capital increase was fully subscribed on 16 June 2014 and occurred in two tranches of €12.5 million each. All new shares are subscribed for by Medisun International Limited, a investment holding company based in Hong Kong.
As a result of this first investment, Medisun owns approximately 8% of the Company’s outstanding shares. The proceeds of this capital increase will provide Cardio3 BioSciences with the financial means to start the U.S. Food and Drug Administration (FDA) approved CHART-2 trial for C-Cure®. In addition, the funds will support the Company’s pipeline development and other general corporate purposes.
The agreement with Medisun also comprises the incorporation of the Joint Venture with the purpose to conduct pivotal clinical trials in Greater China, ie the People’s Republic of China, Hong Kong and Taiwan. To the exception of the production of the cells, all the operational costs of the Joint Venture will be financed by Medisun, with a minimum committed of €20 million over a three year period.
Finally, Medisun has also committed over the next eight months to purchase additional shares of Cardio3 BioSciences from existing shareholders for up to €25 million at a price per share equivalent to the 10 days average preceding the offer(s).
Cardio3 BioSciences
Dr Christian Homsy, CEO
Anne Portzenheim, Communication Manager
www.c3bs.com
Tel : +32 10 39 41 00
aportzenheim@c3bs.com
Citigate Dewe Rogerson
Chris Gardner
Tel : +44 (0) 207 638 9571
About Medisun Holdings Limited
Medisun International Limited is a Hong Kong registered company and its vision is to improve human health and well-being through the delivery of cutting-edge cell based medicines. Medisun aims to provide innovative cell therapies and advanced biological medicinal products to China and other countries in the Asia Pacific region.
Medisun is committed to quality. The company is built upon strong leadership and management skills with proven competencies that understand the healthcare needs and market of Asia. Medisun’s capabilities are underscored by a strong team of technical and clinical specialists within the fields of regenerative medicine and cell based therapies.
About Cardio3 BioSciences
Cardio3 BioSciences is a Belgian leading biotechnology company focused on the discovery and development of regenerative and protective therapies for the treatment of cardiac diseases. The company was founded in 2007 and is based in the Walloon region of Belgium. Cardio3 BioSciences leverages research collaborations in the US and in Europe with Mayo Clinic and the Cardiovascular Centre Aalst, Belgium.
The Company’s lead product candidate C-Cure® is an innovative pharmaceutical product that is being developed for heart failure indication. C-Cure® consists of a patient’s own cells that are harvested from the patient’s bone marrow and engineered to become new heart muscle. This process is known as Cardiopoiesis.
Cardio3 BioSciences has also developed C-Cath®ez, the most technologically advanced injection catheter with superior efficiency of delivery of bio therapeutic agents into the myocardium.
Cardio3 BioSciences’ shares are listed on Euronext Brussels and Euronext Paris under the ticker symbol CARD.
Help employers find you! Check out all the jobs and post your resume.
