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.€325.7m
Last close€45.66
High / Low (52 weeks)€46.4 / €30.1
Stock market listingEU
Forecast net debt (€m)6.1
Forecast gearing ratio (%)137
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual10.632.312.2
Relative *5.716.3(7.7)

* % Relative to local index

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Investment summary

Cardio3’s C-Cure Phase III autologous stem regenerative cell therapy aims to regenerate damaged heart muscle. Cardio3 has licensed C-Cure in China to a joint venture with Medisun. Medisun paid €25m cash; this will fund the second-Phase III CHART-2 trial. Cash on 30 June was €40.1m with a six-month loss of €5.9m.

Last updated on 22/12/2014

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 09/12/2014

Latest research

Latest video

Analyst Interview – Cardio3 BioSciences

Industry outlook

Cardio3 aims to strengthen its growth with a technology pillar – cellular therapies - and a clinical pillar – cardiovascular diseases. In diseases, Cardio3 has acquired a US cardiac surgical company, CorQuest. The main application is an innovative system to repair mitral valves that may gain CE mark approval by late 2016. In stem cells, Teva's Phase III study is in doubt following a review. Capricor and Cytori are both in Phase II. Cardio3 aims to complete recruitment into the EU-based CHART-1 Phase III by late 2014. CHART-2 (Phase III, FDA approved) may start in late 2014. Medisun may invest €20m extra in Chinese clinical development.

Last updated on 22/12/2014

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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