Cardio3 BioSciences (CARD)

Business description

Cardio3 is developing a directed autologous stem cell therapy for chronic ischaemic heart disease. Cells are isolated from bone marrow and cultures for six to eight weeks. The product is in Phase III in the EU and on Phase III hold in the US.

Share price chart

Share chart

Stock data

Market cap.€220.6m
Last close€34.150
High / Low (52 weeks)€52.2 / €12.5
Stock market listingEuronext Brussels
Forecast net debt (€m)6.1
Forecast gearing ratio (%)137
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(13.6)(31.4)N/A
Relative *(15.2)(35.6)N/A

* % Relative to local index

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Investment summary

Cardio3’s C-Cure heart regenerative product uses a mix of powerful cell-signalling molecules to programme autologous stem cells to develop into heart muscle. This makes C-Cure a potentially powerful novel treatment for patients with weakened, scarred hearts, usually due to previous heart attacks. C-Cure showed positive efficacy endpoints in Phase II and median heart output increased by 25% relative to baseline. The CHART-1 Phase III in chronic ischaemic heart failure is underway using C-Cathez delivery to improve cell retention 3.6 fold. The outcome is expected in late 2015. Cardio3 had €22.1m of cash at the end of December 2013.

Last updated on 31/03/2014

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 27/03/2014

Latest research

Latest video

Analyst Interview – Cardio3 BioSciences

Industry outlook

In chronic ischaemic heart disease, Teva's Phase III using Mesoblast's allogeneic cells started recruitment with a claimed H218 end date. Capricor/Janssen are running a Phase II with an allogeneic regenerative cell line. Cytori is in a Phase II using its Celution device to concentrate autologous cells. Baxter has curtailed its autologous Phase III.

Last updated on 31/03/2014

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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