HANOVER, Germany--(BUSINESS WIRE)--Cardior Pharmaceuticals, a clinical-stage biotech company developing non-coding RNA (ncRNA)-based therapeutics for patients with cardiac diseases, announced today the closing of a €64 million ($76 million) Series B financing round. The round was led by Inkef Capital, supported by fellow new investors Fund+, Sunstone, Hadean Ventures and Coparion with participation from existing investors including LSP, BioMedPartners, Bristol Myers Squibb and High-Tech Gründerfonds.
“We believe ncRNAs can fundamentally change the treatment of heart disease by preventing, repairing and reversing damage to cardiac tissue. We thank our new and existing investors for their support and their confidence in our ability to achieve our goal,” said Dr. Claudia Ulbrich, Chief Executive Officer and Co-Founder of Cardior. “This substantial funding, provided by leading biotech investors, validates the strength of our RNA approach and our team. We welcome our new directors and look forward to working closely with our board as we continue our rapid progress toward the start of the Phase 2 trial with our lead program CDR132L, which has the potential to demonstrate clinical proof-of-concept as a transformative heart disease treatment and to set the stage for the emergence of a new class of medicines.”
In conjunction with the financing, representatives from Inkef Capital, Fund+ and Sunstone will join the Company’s Advisory Board. The full composition of the Board can be found under the following link.
The Series B proceeds will be used to fund the late-stage clinical development of Cardior’s lead program and the expansion of the company’s earlier-stage pipeline. Lead candidate CDR132L is an oligonucleotide-based ncRNA inhibitor targeting micro-RNA-132. micro-RNAs are endogenous molecules that function as cellular regulators and their dysregulation contributes to the development of many diseases including cardiovascular diseases. Cardior’s lead program is intended to block the abnormal cardiac levels of micro-RNA-132 in heart failure patients thereby triggering a concerted therapeutic effect against key hallmarks of heart disease including cardiac hypertrophy, fibrosis, impaired contractility and reduced vascularization. Cardior’s approach is applicable to a broad range of heart diseases as represented in its development pipeline, which addresses large cardiac indications as well as rare diseases such as hypertrophic and dilated cardiomyopathies.
“Heart diseases are the leading cause of death worldwide, causing a massive burden on patients, their families and global healthcare systems,” added Dr. Simone Botti, Junior Partner at Inkef. “Cardior’s RNA approach has shown an encouraging safety and efficacy profile in its initial clinical read-out and has the potential to provide a true disease modifying therapy to patients. We are excited to support Cardior on its continued progress advancing the first ncRNA-therapeutic towards commercialization.”
“Cardior is on an exciting trajectory which is reflected in the Series B syndicate. I look forward to working with the incoming investors as we leverage the current momentum in the RNA therapy field to position Cardior for success,” said Dr. Karin Kleinhans, Partner at LSP.
CDR132L is a highly stable water-soluble oligonucleotide ncRNA inhibitor directed to block aberrant micro-RNA-132 levels and thereby reverses the cellular pathology and restores normal function in cardiomyocytes, contributing to improved cardiac systemic and diastolic function in patients with heart failure (HF). CDR132L has completed Phase 1b development demonstrating a favorable safety profile and beneficial cardiac effects in 28 HF patients. Cardior is currently initiating a Phase II clinical trial of the antisense drug.
Cardior Pharmaceuticals is a leading clinical-stage biopharmaceutical company pioneering the discovery and development of RNA-based therapeutics designed to prevent, repair and reverse diseases of the heart. Cardior’s therapeutic approach uses distinctive non-coding RNAs as an innovative platform for addressing the root causes of cardiac dysfunctions. The company aspires to bring transformative therapeutics and diagnostics to patients and thereby make a lasting impact on the treatment of cardiac diseases worldwide.
About INKEF Capital
INKEF Capital is a venture capital firm based in Amsterdam, backing promising early-stage companies in Europe. INKEF takes pride in being a patient, long-term investor with the ability to support companies through several rounds of funding. From the early stages of a technology or life science venture, INKEF Capital supports entrepreneurs building their ideas into successful international businesses. For more information, please visit: https://www.inkefcapital.com/.
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2.7 billion ($3.2 billion) and supported the growth of 300 companies since it started to invest in 1988, including signature deals such as argenx, Crucell and Neuravi. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest through five strategies, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies; the LSP Dementia Fund invests in companies targeting neurodegenerative diseases; LSP Public targets public healthcare companies; and EBAC is the first healthcare SPAC to exclusively focus on European biotech. LSP is an active contributor to the global life sciences industry and the European life science eco-system by assuming for-profit and not-for-profit roles as initiators, founders and board members in various private and public bodies and organizations, for example being founder and board member of the Oncode Institute. For more information: lspvc.com.