HANOVER, Germany– 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.”
