Cardio3 BioSciences (CARD)

Business description

Cardio3 BioSciences is developing an autologous stem cell therapy for chronic ischaemic heart disease. 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.

Share price chart

Share chart

Stock data

Market cap.€280.1m
Last close€39.850
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(11.5)9.5153.8
Relative *(12.9)7.3111.7

* % 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 novel treatment for patients with weakened, scarred hearts, usually due to previous heart attacks. Cardio3 has licensed C-Cure for the Chinese market to a joint venture with Medisun, a new Chinese company. Medisun invested €25m in Cardio3 at €44/share to close the deal. This €25m cash will fund the FDA-approved CHART-2 trial. This avoids Cardio3 having to partnering early in the US, allowing either an enhanced deal or an eventual, assumed 50:50 marketing deal capturing more profit. Cardio3 had €19.2m of cash on 31 March 2013.

Last updated on 30/06/2014

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 24/06/2014

Latest research

Latest video

Analyst Interview – Cardio3 BioSciences

Industry outlook

Competition in chronic ischaemic heart disease may arise from Teva (Phase III claimed H218 data); Capricor/Janssen (Phase II); Cytori (Phase II using Celution device). Cardio3 has the EU-based CHART-1 Phase II running and expects to start CHART-2 by late 2014. Medisun may invest €20m in Chinese clinical development.

Last updated on 30/06/2014

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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