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Cardion receives euro42.4 million backing for heart disease therapies

Investee Company – Cardion AG

Investee Company Country – Germany

Investee Company Business Type – Develops biopharmaceutical therapies.

Type of Financing – Expansion

Equity Providers – TVM Techno Venture Management, Deutsche Venture Capital, Alpinvest International BV, BdW Beteiligungsgesellschaft der Deutschen Wirtschaft mbH, CBG Commerz Beteiligungsgesellschaft mbH, NMT New Medial Technologies AG and Sal. Oppenheim Jr. & Cie.

Equity Leader (Individual) – Dr Alexandra Goll, TVM Techno Venture Management

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro42.4 million

Total Deal Value – euro42.4 million

Other Advisors – N/A

Comments – Cardion AG, an international biopharmaceutical developer of novel heart disease and cell transplantation therapies, announced today that it has completed a third round of financing totalling euro42.4 million.

This financing round was led by TVM Techno Venture Management and includes existing investors Deutsche Venture Capital and Alpinvest. New investors included BdW Beteiligungsgesellschaft der Deutschen Wirtschaft mbH, CBG Commerz Beteiligungsgesellschaft mbH, NMT New Medial Technologies AG and Sal. Oppenheim Jr. & Cie.

Based in Erkrath, Cardion develops gene therapies and stem cell technologies to support innovative heart disease and transplantation products. Cardion was founded in 1996 as Cardiogene. The company changed its name in 2000.

Cardion will be using this latest investment to finance the clinical development of NOStentin, a non-viral gene therapy aimed at preventing restenosis, a significant complication in interventional cardiology. The funds will also be used to accelerate the development of stem cell derived grafts for the regeneration of damaged heart tissue.

“We are pursuing a growth strategy that exploits a powerful product innovation platform arising from the integration of stem cell and local gene therapy technologies,” Michael Ruhl, chief executive officer of Cardion stated. “These funds will help not only to rapidly advance NOStentin to the market place but will also accelerate organic growth of a pipeline of stem cell related product opportunities”.