Cardio3 BioSciences receives €4.0m investment for commercialisation of C-Cathez
18 February 2014
Cardiac technology company Cardio3 BioSciences SA has received €4.0 million of funding from the Walloon Region of Belgium to commercialise its C-Cathez intra myocardial injection catheter in the US.
It is designed to maximize the retention of therapeutic
agents in the heart, such as C-Cure. A recoverable cash advance (RCA) of €2.5 million relates
to the funding, up to 50%, of expenses generated during the
procedures leading to the commercialization of C-Cathez in the US.
This new advance will finance 50% of the costs of the first 60 patients in a clinical study, or 25% of all patients to recruit into the study. Cardio3 BioSciences has also obtained from the Region an amendment to the existing agreements for the five recoverable advances related to C-Cure obtained since 2007. This has allowed the definition of a new repayment plan for these advances, resulting in a net decrease of €1.5 million in the cash needs of the company in the years 2013 to 2015.
Dr Christian Homsy, CEO of Cardio3 BioSciences says: “We are very pleased with the continued support of the Walloon Region. This new funding will help finance some of the key steps that will get us closer to the commercialization of C-Cure and C-Cathez in the United States.”
Jean-Marc Nollet, Vice President of the Walloon Government and of the Federation Wallonia-Brussels and Research Minister says: “It is essential for Wallonia to support expertise and the economic development of companies in the region. This funding granted to Cardio3 BioSciences is crucial in this respect, especially as its expertise makes Cardio3 Biosciences a world leader in its field.”
Michel Charlier, General Inspector of the Operational Direction of Economy, Employment and Research (DGO6) says: “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.”
Source: Cardio3 BioSciences SA