Mont-Saint-Guibert, Belgium – The biotechnology company, Cardio3 BioSciences SA (Cardio3 BioSciences), a leader in the discovery and development of regenerative, protective and reconstructive therapies for the treatment of cardiac diseases, today announces that it has been informed that Kempen & Co, acting as Sole Global Coordinator, has fully exercised the Overallotment 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.
Cardio3 BioSciences’ shares are listed on NYSE Euronext Brussels and NYSE Euronext Paris under the ticker symbol CARD. It is the first biotechnology company to be listed on both exchanges.
Dr Christian Homsy, CEO of Cardio3 BioSciences said: “The full exercise of the over-allotment option further demonstrates the success of our IPO and the demand for shares from institutional investors in Europe and the US. The funds raised through our IPO will put us in a good position to complete our European Phase III study for C-Cure® and progress an important new regenerative therapy for heart disease towards the market.”
Cardio3 BioSciences is developing its most advanced therapy, C-Cure®, for the treatment of heart failure, one of the world’s greatest unmet medical needs. C-Cure® is a unique cell therapy aimed at repairing damaged tissue and improving heart function, clinical outcomes and quality of life. It builds on research conducted at Mayo Clinic (Rochester, Minnesota, USA), Cardio3 BioSciences and Cardiovascular Centre Aalst (Aalst, Belgium).
The supporting science is the result of Mayo Clinic innovation leading to advanced product development, manufacturing scale-up, and clinical trial execution by Cardio3 BioSciences catalyzed by ongoing collaboration facilitated through Mayo Clinic Ventures.