Cardion completes E42.3m Financing

The company is about to enter into clinical trials with its lead product, NOStentin.

TVM Techno Venture Management has led an E42.3m third round financing for Cardion AG, a transatlantic biopharmaceutical company.

The round included existing international investors Deutsche Venture Capital Gesellschaft and Alpinvest International BV. New investors participating in this round include BdW Beteiligungsgesellschaft der Deutschen Wirtschaft mbH (Dresdner Bank Group), CBG Commerz Beteiligungsgesellschaft mbH, NMT New Medical Technologies AG and Sal. Oppenheim Jr. & Cie.

The capital 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. It will also be used to accelerate the development of stem cell derived grafts intended for the regeneration of damaged heart tissue resulting from myocardial infarction. The corresponding product candidate, Cardioprotectin, has recently been added to Cardion's product candidate pipeline following its merger with US based Intracardia, Inc.

Dr. Michael Ruhl, chief executive of Cardion, said: “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. 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.”

Dr. Alexandra Goll, partner at TVM and member of the board of Cardion, said: “As an early investor, since April 1997, TVM is pleased to see that this start-up company is successfully growing. The company is now on the verge of entering into clinical trials with its lead product, NOStentin, and has also succeeded in growing a cardiovascular product pipeline around NOStentin. These are great achievements in such a short time frame. Cardion AG is a transatlantic company with the principal operating units located in Erkrath, Germany and Boston, USA.