UPDATED: Cardio3 targets big cardio-drug market with small IPO

The Belgian biotech Cardio3 BioSciences has mounted a relatively small €28 million ($36.95 million) IPO with a lot of help from previous investors. It aims to sell 1.3 million shares from €16.65 ($21.97) to €19 ($25.07) each between June 21 and July 3, raising money to fund the company's late-stage trial of a heart failure drug in Europe as well as work to begin a study of the therapy in the U.S., Reuters reported. As the news wire noted, SRIW and PMV have committed to buy €13.95 million ($18.41 million) of shares in the biotech group's IPO. SRIW is an existing investor, raising the question of whether the company could go public without the help of insiders. Report

Editor's note: This article has been updated with the correct investment history of PMV.

Suggested Articles

CNS Pharma says berubicin is the first anthracycline drug to cross the blood-brain barrier and could transform treatment of the highly invasive brain tumor.

Grid Therapeutics is planning to start trials of its lead cancer immunotherapy GT103 next year after raising $5 million in second-round financing.

The IPO comes as the Flagship startup prepares to test its lead inflammatory disease and anticancer microbial strains in humans.