Date: 2013-07-15
Type of information: IPO
Company: Cardio3 Biosciences (Belgium)
Investors: SRIW group, PMV , Kempen & Co
Amount: €26.5 million
Funding type: IPO
Planned used: The principal purposes of the offering are to support the Company’s development, obtain additional working capital, establish a public market for the shares and facilitate the Company’s future access to public equity capital markets. Cardio3 Biosciences intends to use the net proceeds of the offering to advance C-Cure® into the CHART-1, until public disclosure of the conclusions that may be drawn from the primary endpoint results and to obtain authorization to conduct CHART-2 in the US. The company also intends to use these funds to continue pre-clinical development and, potentially, start clinical development of selected product candidates in AMI indications.
Others: * On July 15, 2013, Cardio3 BioSciences, a leader in the discovery and development of regenerative, protective and reconstructive therapies for the treatment of cardiac diseases, has announced that it has been informed that Kempen & Co, acting as Sole Global Coordinator, has fully exercised the Over-allotment Option in accordance with provisions contained in the initial public offering (IPO) prospectus. As a result, after exercise of the over-allotment option, a total of 1,588,725 new shares will have been placed on the market at the IPO price of €16.65, amounting to total gross proceeds of €26.5 million.
* On July 4, 2013, Cardio3 BioSciences has announced it has successfully completed its IPO. The IPO was priced at €16.65 per share. Cardio3 BioSciences will issue 1,381,500 new shares equivalent to € 23.0m including the partially exercised increase option. Additionally, an over-allotment option to subscribe to up to 207,225 additional shares at the IPO price, equivalent to € 3.45m, has been granted to Kempen & Co, on behalf of the Joint Bookrunners, for the sole purpose to cover over-allotments, if any. The book was well covered with high quality demand from Belgium, France, UK, Scandinavia, The Netherlands and US. Cardio3 BioSciences is the first biotechnology company to be listed on both NYSE Euronext Brussels and NYSE Euronext Paris.
* On June 20, 2013, Cardio3 BioSciences has announced the launch of its Initial Public Offering (IPO) on NYSE Euronext Brussels and NYSE Euronext Paris. Cardio3 BioSciences is developing its cell therapyC-Cure® for the treatment of heart failure. Having achieved positive Phase II results, C-Cure® is currently being tested in Europe in a Phase III trial (CHART-1 - Congestive Heart failure Cardiopoietic Regenerative Therapy). The indicative price range of the offering has been set at a minimum of €16.65 and a maximum of €19.00 per share. The offer period will run from June 21st 2013 to July 3rd 2013 (inclusive). The expected first date of trading is July 5th 2013 and the expected date of closing of the offering is July 9th 2013. Cardio3 BioSciences has secured two long-term investors pre-bookbuilding. SRIW groupas current shareholder will commit € 4.45 million and PMV as new shareholder will commit € 9.5 million. Kempen & Co has been appointed as Global Coordinator and Kempen & Co and Invest Securities have been appointed as Joint Bookrunners. Portzamparc acts as Selling Agent. Cardio3 BioSciences intends to start a trial in the USA (the CHART-2 trial) when and if the FDA authorizes its start. The CHART programme is designed as two pivotal studies to obtain marketing authorisation in Europe and in the USA respectively, either alone, or in combination with other clinical trials. In addition to C-Cure®, Cardio3 BioS In addition to C-Cure®, Cardio3 BioSciences has developed a proprietary technology aimed at maximising the delivery efficiency of therapeutics into the heart muscle. C-Cathez® is an intramyocardial delivery catheter, designed to enhance myocardial therapeutic agents’ retention. The company has obtained CE marking in April 2012 from NSAI (an Irish Notified Body).
Therapeutic area: Cardiovascular diseases
