BELGIUM - LSRP and Hunza Ventures in B-round for Cardio3 BioSciences

Among the new investors were Luxembourg-based venture capital firm Hunza Ventures II, and the Spanish holding Grifols.

In addition to these funds, the company raised a further EUR 6.5 million in cash advances from the Walloon Region General Directorate for Economy, Employment & Research. These funds, which bear no interest, become repayable on the commercialisation of the business' lead product C-Cure.

Cardio3 BioSciences was founded in 2007 by clinicians from the Cardiovascular Center in Aalst, Belgium. The company specialises in cell-based therapies for the treatment of cardiovascular diseases.

The recent capital infusion will be used to finance the clinical development of the lead product C-Cure. The treatment allows the differentiation of a patient's own cells into 'cardiopoïetic' cells which grow into new heart cells and repair heart muscle. A clinical trial including some 240 patients aiming to evaluate C-Cure's potential in the treatment of heart failure is expected to start shortly.

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• Topics
• Early-stage
• Benelux