Belgian economic mission in the U.S. is a success for Cardio3 BioSciences
Boston, MA, USA and Mont-Saint-Guibert, Belgium, June 29, 2011 – The Belgian biotechnology company, Cardio3 BioSciences, a leader in discovery and development of regenerative and protective therapies for the treatment of cardiovascular diseases announced today, that it has signed a Letter of Intent with Advanced Technology Materials, Inc. (“ATMI”), a US acknowledged technology leader in the manufacture of single-use bioprocess systems and consumables. The Letter of Intent was formalized during an official signing ceremony in Boston on June 29, 2011, in the presence of His Royal Highness Prince Philippe of Belgium, in the context of the Belgian Economic Mission to the USA
The Letter expresses ATMI’s intention to enter into negotiations with Cardio3 BioSciences regarding a proposed equity investment of ATMI in Cardio3 BioSciences and a Development Services Agreement. Under this first part of the proposal, ATMI will participate in Cardio3 BioSciences’ next round of financing. Under the second part of the proposal, ATMI and Cardio3 BioSciences will also enter into a Development Services Agreement pursuant to which ATMI and Cardio3 BioSciences will jointly develop certain technologies pertaining to cell culturing techniques to be evaluated for the development of Cardio3 BioSciences’ C3BS-CQR-1 (C-Cure®), a highly innovative stem cell approach for the treatment of heart failure.
Dr Christian Homsy, CEO of Cardio3 BioSciences says: “Cardio3 BioSciences is looking forward to building a close relationship with Advanced Technology Materials, Inc. as both investor and partner. The technologies developed by ATMI for cell culture have the potential to serve as a unique platform to facilitate the manufacturing of C-Cure, helping to bring this innovative cardiopoiesis technology to patients in need of new treatment options for heart failure.”
Doug Neugold, CEO of ATMI commented: “ATMI is excited to have this opportunity to collaborate with Cardio3 BioSciences, a leader in the rapidly emerging field of cell therapy. Our experiences providing efficiency delivering processing solutions to other demanding industries, combined with our innovative single use bioprocessing systems, can bring great productivity benefit in cell therapy applications. We are looking forward to deploying our capabilities in support of Cardio3 BioSciences and their C-Cure therapy, which has the potential to bring life improving benefits to so many patients.”