Mont-Saint-Guibert, Belgium – Cardio3 BioSciences (C3BS) (Euronext Brussels and Paris: CARD), a leader in the discovery and development of cell therapies, today announced it has raised approximately €32 million through a private placement of ordinary shares to investors in the United States and Europe
Cardio3 BioSciences has placed 713,380 new shares to qualified institutional investors in the United States and Europe at a price of €44.50 per share, with no discount to the previous day closing price and a 4% premium to the last 30 day average price. The placed shares represent 10% of the current number of outstanding shares, bringing the total number of shares outstanding after the issue to 7,847,187. The new shares are expected to be admitted to trading on Euronext Brussels and Paris following their issuance, which is expected to take place on Tuesday, 3 March 2015.
The proceeds from the private placement will be used by Cardio3 BioSciences to:
- Further develop its newly acquired CAR-T cell technology platform;
- Strengthen the leadership of C-Cure® for the treatment of congestive heart failure, and;
- For general corporate purposes.
Dr. Christian Homsy, CEO of Cardio3 BioSciences, comments: “We are very pleased to announce the successful completion of this private placement which reflects strong interest from healthcare institutional investors in our Company and our clinical programs in cardiology and oncology. This capital is expected to support the ongoing development of our lead cardiac therapeutic candidate, C-Cure®, and our recently acquired CAR T-Cell technology platform. We are grateful to our existing shareholders for their continued support and appreciate the enthusiasm of new investors. We believe Cardio3 BioSciences is well positioned to execute on our development plan and deliver significant long-term value to shareholders. We look forward to providing the market with updates on key strategic and clinical milestones as 2015 progresses.”
This placement was successfully led by UBS Investment Bank, acting as Global Coordinator and Bookrunner for the offering, and Petercam and Bryan Garnier & Co as Placement Agents.