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.

Share price chart

Share chart

Stock data

Market cap.€232.8m
Last close€33.06
High / Low (52 weeks)€52.2 / €22.5
Stock market listingEU
Forecast net debt (€m)6.1
Forecast gearing ratio (%)137
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(9.4)(16.1)34.9
Relative *(14.5)(18.1)18.2

* % 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. Medisun invested €25m at €44/share to close the deal. This €25m cash will fund the CHART-2 trial. Cash on 30 June was €40.1m with a six-month loss of €5.9m.

Last updated on 03/11/2014

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 28/10/2014

Latest research

Latest video

Analyst Interview – Cardio3 BioSciences

Industry outlook

Teva may not pursue the Phase III study (H218 data) it started in mid-2014 following a strategic review. Capricor/Janssen is in Phase II; Cytori's Phase II is restarting after a clinical hold. 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. Cardio3 aims to strengthen its growth with a Technology pillar – cellular therapies - and a clinical application pillar – cardiovascular diseases.

Last updated on 03/11/2014

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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