Cardio3 BioSciences SA has announced that it has received €4.0 million of non-dilutive funding from the Walloon Region through the conclusion of a new recoverable cash advance (RCA) granted for an amount of €2.5 million and a repayment plan review of existing advances generating a net savings of € 1.5 million over the period 2013 -2015.
The €2.5 million new recoverable cash advance relates to the funding (up to 50%), of expenses generated during the procedures leading to the commercialization (USA) of C-Cathez®, an intra myocardial injection catheter, proprietary to Cardio3 that is designed to maximize the retention of therapeutic agents (C-Cure®) in the heart.
The information required for this commercialization will consist mainly of data generated by the Phase III study CHART-1* that was initiated in Europe early 2013. This new advance will allow financing for 50% of the costs of the first 60 patients in the CHART-1 clinical study, or 25% of all patients to recruit into the study.
Dr Christian Homsy (Cardio3 BioSciences CEO) states, “We are very pleased with the continued support of the Walloon Region. It is largely thanks to the region that C-Cure, our revolutionary treatment of heart failure, has successfully completed the Phase II development prior to Phase III currently underway.”
Jean-Marc Nollet, (Vice President of Walloon Government and of the Federation Wallonia-Brussels and Research Minister) remarks, “It is essential for Wallonia to support expertise and the economic development of companies in the region. With this funding, Wallonia contributes to the development and maintenance of the leadership of the Walloon Region in the field of cellular therapies [and] by supporting this activity, the Region supports Walloon employment and recognizes the expertise and international reputation of its workers.”
Michel Charlier (General Inspector of the Operational Direction of Economy, Employment and Research (DGO6)) comments, “Through this funding, we reiterate our confidence in Cardio3 BioSciences and its ability to successfully develop its many programs in the highly specialized field of regenerative therapies for the treatment of heart disease.”
* The information required by the Food and Drug Administration (“FDA”) for the US commercialization of C-Cathez® mainly consists of data confirming the safety in humans when using C-Cathez®. These data will be generated by the Phase III study CHART-1 evaluating C-Cure® (Cardio3’s most advanced product) in combination with C-Cathez® that was initiated in Europe early 2013.
Dr Christian Homsy, CEO
Tel : +32 10 39 41 00
Anne Portzenheim, Communication Manager