-- This capital increase completes the first part of the agreement with
Medisun International Limited
-- Total deal with Medisun valued at EUR70 million.
MONT-SAINT-GUIBERT, Belgium--(BUSINESS WIRE)--July 01, 2014--
Cardio3 BioSciences (C3BS) (Paris:CARD) (Brussels:CARD) (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 EUR25 million at EUR44 a share initiated on 16 June 2014. The capital increase was fully subscribed on 16 June 2014 and occurred in two tranches of EUR12.5 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(R). 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 EUR20 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 EUR25 million at a price per share equivalent to the 10 days average preceding the offer(s).
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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(R) is an innovative pharmaceutical product that is being developed for heart failure indication. C-Cure(R) 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(R)(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.
C3BS-CQR-1, C-Cure, C-Cath, Cardio3 BioSciences and the Cardio3 BioSciences and C-Cath logos are trademarks or registered trademarks of Cardio3 BioSciences SA, in Belgium, other countries, or both. Mayo Clinic holds equity in Cardio3 BioSciences as a result of intellectual property licensed to the company. In addition to historical facts or statements of current condition, this press release contains forward-looking statements, which reflect our current expectations and projections about future events, and involve certain known and unknown risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking statements are further qualified by important factors, which could cause actual results to differ materially from those in the forward-looking statements, including timely submission and approval of anticipated regulatory filings; the successful initiation and completion of required Phase III studies; additional clinical results validating the use of adult autologous stem cells to treat heart failure; satisfaction of regulatory and other requirements; and actions of regulatory bodies and other governmental authorities.
CONTACT: Cardio3 BioSciences
Dr Christian Homsy, CEO
Tel : +32 10 39 41 00
Anne Portzenheim, Communication Manager
Citigate Dewe Rogerson
Tel : +44 (0) 207 638 9571