- This capital increase completes the first part of the agreement with Medisun International Limited
- Total deal with Medisun valued at €70 million.
Mont-Saint-Guibert, Belgium, – Cardio3 BioSciences (C3BS) (Euronext Brussels and Paris: CARD), a leader in the discovery and development of advanced regenerative therapies for heart disease, today announces the completion of a capital increase of €25 million at €44 a share initiated on 16 June 2014. The capital increase was fully subscribed on 16 June 2014 and occurred in two tranches of €12.5 million each. All new shares are subscribed for by Medisun International Limited, a investment holding company based in Hong Kong.
As a result of this first investment, Medisun owns approximately 8% of the Company’s outstanding shares. The proceeds of this capital increase will provide Cardio3 BioSciences with the financial means to start the U.S. Food and Drug Administration (FDA) approved CHART-2 trial for C-Cure®. In addition, the funds will support the Company’s pipeline development and other general corporate purposes.
The agreement with Medisun also comprises the incorporation of the Joint Venture with the purpose to conduct pivotal clinical trials in Greater China, ie the People’s Republic of China, Hong Kong and Taiwan. To the exception of the production of the cells, all the operational costs of the Joint Venture will be financed by Medisun, with a minimum committed of €20 million over a three year period.
Finally, Medisun has also committed over the next eight months to purchase additional shares of Cardio3 BioSciences from existing shareholders for up to €25 million at a price per share equivalent to the 10 days average preceding the offer(s).
