Cardio3 BioSciences (CARD)

Business description

Cardio3 BioSciences is developing an autologous stem cell therapy for chronic ischaemic heart failure. The product is in Phase III in the EU and will start a US-led Phase III by late 2014. There is a Chinese partner.

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Stock data

Market cap.€239.2m
Last close€34.00
High / Low (52 weeks)€52.2 / €18.6
Stock market listingEU
Forecast net debt (€m)6.1
Forecast gearing ratio (%)137
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(12.5)(13.6)76.3
Relative *(9.7)(13.5)62.9

* % Relative to local index

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Investment summary

Cardio3’s C-Cure heart regenerative product programmes autologous stem cells to develop into heart muscle. This makes C-Cure a potentially powerful treatment for patients with weakened, scarred hearts. Cardio3 has licensed C-Cure for the Chinese market to a joint venture with Medisun, a new Chinese company. Medisun invested €25m at €44/share to close the deal. This €25m cash will fund the CHART-2 trial, which means Cardio3 will not be forced to partner early in the US. Cash on 30 June was €40.1m with a six month loss of €5.9m.

Last updated on 30/09/2014

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2012A 0.1 (7.9) (8.8) (724.37) N/A N/A
2013A 0.0 (9.8) (10.4) (253.22) N/A N/A
2014E 0.0 (9.4) (9.4) (145.44) N/A N/A
2015E 0.0 (7.1) (7.0) (107.62) N/A N/A

Last updated on 25/09/2014

Latest research

Latest video

Analyst Interview – Cardio3 BioSciences

Industry outlook

Competition in chronic ischaemic heart disease may arise from Teva (Phase III H218 data) or Capricor/Janssen (Phase II); Cytori's Phase II is on hold. Cardio3 has the EU-based CHART-1 Phase III running. This has recruited 120 patients, half of those needed, and recruitment could complete in late 2014. An interim safety review found no problems. CHART-2 (Phase III, FDA approved) may start by late 2014. Medisun may invest €20m extra in Chinese clinical development.

Last updated on 30/09/2014

Key management

Michel Lussier, Chairman
Dr Christian Homsy, CEO
Patrick Jeanmart, CFO
Dr Gaëtane Metz, COO

Company address

Rue Edouard Belin 12
1435 Mont-Saint-Guibert
Belgium
+32(0)10 39 41 00
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