Cardion, a transatlantic biopharmaceutical company developing novel heart disease and cell transplantation therapies, which was formed by the merger of Cardiogene AG and Intracardia Inc in November last year, has attracted 42.3 million in a third round funding. This most recent round was led by TVM Techno Venture Management, which has been an investor since 1997, and includes other existing leading international investors Deutsche Venture Capital Gesellschaft and Alpinvest International BV. New investors participating in this round include BdW Beteiligungsgesellschaft der Deutschen Wirtschaft (Dresdner Bank Group), CBG Commerz Beteiligungsgesellschaft, NMT New Medical Technologies and Sal. Oppenheim Jr. & Cie.
This latest funding round will be used to finance the clinical development of NOStentin, a non-viral, local gene therapeutic aimed at preventing restenosis, the most significant complication in interventional cardiology. Also, they will be used to accelerate the development of stem cell derived grafts intended for the regeneration of damaged heart tissue resulting from myocardial infarction.
Dr Alexander Goll, partner at TVM and board member of Cardion, said: “The company is now on the verge of entering into clinical trials with its lead product, NOStentin.”
The creation of Cardion, which resulted from the merger at the end of last year, bought together Cardiogene’s core local gene therapy platform with Intracardia’s strengths in stem cell differentiation and graft enhancement. The aim of the merger was to advance a steady stream of innovative products through clinical development, including NOStentin, a local non-viral gene therapy product for the prevention of restenosis, and Cardioprotectin, a stem cell based approach for regeneration of heart tissue in the myocardial infarction setting. The combined entity retains its corporate headquarters in Erkrath, Germany and went on to establish US operations in Boston, MA.