CHICAGO & NEW YORK– Cardio Diagnostics, Inc. (“Cardio Diagnostics” or the “Company”), a pioneering precision cardiovascular medicine company, and Mana Capital Acquisition Corp. (Nasdaq: MAAQU; MAAQ; MAAQW; MAAQR) (“Mana”), a special purpose acquisition company (“SPAC”), today announced that they have entered into a definitive business combination agreement that will result in Cardio Diagnostics becoming a publicly listed company.
Upon closing of the transaction, Mana will be renamed Cardio Diagnostics Holdings, Inc. (the “Combined Company”) and it expects to remain listed on the Nasdaq Global Market under a new ticker symbol “CDIO”.
Founded in 2017, Cardio Diagnostics’ mission is to help physicians better detect and treat cardiovascular disease, the leading cause of death in the United States. At the core of the Company’s cardiovascular solutions is a proprietary Integrated Genetic-Epigenetic Engine™ created at the University of Iowa by company founders Meesha Dogan, Ph.D., and Rob Philibert, MD, Ph.D. This technology enables the development of a series of tests for precision prevention, early detection, and assists in personalized treatment of major types of cardiovascular diseases and associated co-morbidities. Drs. Dogan and Philbert will remain with the Combined Company as its CEO and Chief Medical Officer, respectively.
Cardio Diagnostics’ flagship product, Epi+Gen CHD™, is a clinical test that was recently commercialized to assess the 3-year risk for coronary heart disease, the most common type of heart disease and the primary cause of heart attacks. This highly sensitive and accessible test that profiles a panel of genetic and epigenetic biomarkers is radiation-free, does not require fasting and is associated with cost savings per quality-adjusted life year and improved survival.(2)
Cardio Diagnostics Investment Highlights
Substantial Addressable Market Opportunity
Cardio Diagnostics believes that adults between the ages of 35 and 75 could benefit from its current and future diagnostic products for cardiovascular disease and associated co-morbidities. The Company believes that its Epi+Gen CHD test could benefit adults ages 35-75 who have not been diagnosed with coronary heart disease, which is approximately 146 million adults and a $51 billion total addressable market in the United States, based on one test per adult.
Epigenetics Testing Expected to Grow
According to Reports and Data, a market research and consulting company, the epigenetic diagnostics market will surpass $19 billion by 2026, growing at a CAGR of more than 13%. The Company expects this market opportunity to further grow with the expansion of epigenetics-based testing and AI in healthcare, a known priority for the Company’s target market. A 2021 survey conducted by Optum showed that 98% of healthcare organizations polled either have an AI strategy in place or plan to have one.
Peer-Reviewed Studies Demonstrate the Increased Sensitivity of Epi+Gen CHD Compared to Current Clinical Risk Calculators
In a peer-reviewed study done in collaboration with Intermountain Healthcare and published in Epigenomics in June 2021(1), Epi+Gen CHD demonstrated a 76% and 78% sensitivity for men and women, respectively, for 3-year coronary heart disease risk. This means that for every 100 men and 100 women deemed “at-risk” for a coronary heart disease event, the test correctly identifies 76 men and 78 women. In comparison, the average sensitivity of the Framingham Risk Score and the ASCVD Pooled Cohort Equation was found to be 44% and 32% for men and women, respectively.
(1) Dogan, Meeshanthini & Knight, Stacey & Dogan, Timur & Knowlton, Kirk & Philibert, Robert. (2021). External validation of integrated genetic-epigenetic biomarkers for predicting incident coronary heart disease. Epigenomics. 13. 10.2217/epi-2021-0123.
(2) Jung, Younsoo, Firsvold, David, Dogan, Timur, Dogan, Meeshanthini & Philibert, Robert. (2021). Cost–utility analysis of an integrated genetic/epigenetic test for assessing risk for coronary heart disease. Epigenomics. 10.2217/epi-2021-0021.
Award-Winning Technology
Epi+Gen CHD was awarded “Clinical Diagnostics Solution of the Year” from BioTech Breakthrough in 2021, and Cardio Diagnostics was recognized as “One to Watch” in Spinoff Prize, organized by Nature Research and Merck KGaA in 2020.
