Belgian biotech Cardio3 BioSciences has rounded up €13.7 million from venture groups and grants. Cardio3 raised €7.2 million in a Series B and an additional €6.5 million in cash advances from the Walloon Region General Directorate for Economy, Employment & Research. The developer was founded in 2007 by clinicians from the Cardiovascular Center in Aalst, Belgium who had a vision of using a cell-based approach to treat heart disease.
Much of the new money will be used to fund a clinical trial of C-Cure, its lead program. C-Cure is designed to allow the differentiation of a patient's own cells into 'cardiopoietic' cells which grow into new heart cells and repair heart muscle. Researchers plan to recruit 240 patients for the trial.
"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," asserts Christian Homsy, CEO of Cardio3 BioSciences.
- check out the Cardio3 release
ALSO: Taiwan's TaiGen Biotechnology has raised $37 million in a Series C involving its existing shareholders and new investors, including MPM Capital, National Development Fund, YFY group, Taiwan Sugar Corporation, Yao-Hwa Glass Management Commission and Taiwan Global BioFund. Release