Non-regulated

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.”

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Jan Andersson, MD, PhD, is currently Vice-President of Karolinska Institutet (Sweden), one of the world’s foremost medical universities, and a Professor in Infectious Diseases at Karolinska University Hospital (Sweden). Dr Andersson has been a member of the Nobel assembly since 2004 and a member of the Nobel Committee (which has five members) since 2007. Dr Andersson obtained his medical and doctoral degree at Karolinska Institutet and did postdoctoral research at the DNAX Research Institute, Palo Alto (California, USA) and Northwestern University Medical School (Chicago, USA). He has published 225 original publications and 60 reviews and book chapters. In 2007 and 2008 he was visiting professor at the Division of Experimental Medicine, Department of Medicine, University of California at San Francisco (UCSF). Dr Andersson is a member of the board of the Centre of Molecular Medicine (CMM) at the Karolinska University Hospital. 

Louise Proulx holds a PhD in physiology from Université Laval (Canada) and pursued postdoctoral studies at Karolinska Institutet. She has nearly 30 years of experience in research and science management. She currently holds the position of Vice-President, Research and Development, and Site Head, at Vertex Pharmaceuticals Incorporated (Canada), and has also held positions at Topigen Pharmaceuticals Inc., ViroChem Pharma Inc, Hoechst Marion Roussel and BioChem Pharma Inc. Outside of the pharmaceutical industry, Dr Proulx has served as Vice-President, Business Development of Genome Quebec and Vice Principal Research at McGill University. Dr Proulx has been a member of several boards of directors including the National Research Council of Canada. She is currently a member of the board of directors of Diagnocure Inc., Genome Quebec and the Canada Foundation for Innovation.

Dr Christian Homsy, CEO of Cardio3 BioSciences said: “The appointment of Dr Andersson and Dr Proulx adds further strength and depth to our Board of Directors. Each brings a wealth of knowledge and a level of international experience and exposure that I believe can only benefit Cardio3 BioSciences and our shareholders.”