VC-backed Cardio3 announces IPO plans

The company, which raised €19m last month from existing investors in the form of €7m in fresh equity and €12m as a conversion of convertible loans, hopes to raise new funds through an IPO on NYSE Euronext Brussels and NYSE Euronext Paris.

Cardio3 reportedly attempted a flotation in 2011 and had been valued at €90-140m at the time, but was unsuccessful.

The company is backed by Hunza Ventures via its Hunza Ventures II fund, Life Sciences Research Partners via its Sofia BVBA vehicle, Tolefi, Umbrella Investments, Avion and the Regional Investment Company of Wallona (SRIW).

Private investors collectively own a 45% stake in the company, while Cardio3's founders hold 18% and its management and employees own 12%. Minnesota-based research hospital Mayo Clinic holds the remaining 25%.

Cardio3 has appointed Kempen & Co as sole global coordinator for the possible IPO, as well as joint bookrunner alongside Invest Securities.

Founded in 2004, Cardio3 is headquartered in Mont-Saint-Guibert in Belgium. The company develops regenerative and protective therapies for the treatment of cardiovascular diseases. Its CEO is Christian Homsy.

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• Topics
• Benelux
• Healthcare
• Exits
• IPO
• Belgium