Cardior Raises EUR 64 Million to Develop RNA Therapeutics Against Cardiac Disease
Start-up pursues a unique approach for the treatment
Cardior Pharmaceuticals has closed a Series B financing round totalling EUR 64 million (USD 76 million). 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, BioMed Partners, Bristol Myers Squibb, and High-Tech Gründerfonds.
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Cardior pursues a unique approach for the treatment of cardiac disease. Its lead candidate CDR132L, an antisense oligonucleotide, inhibits a specific non-coding RNA (micro-RNA-132) in the heart tissue that contributes to key hallmarks of heart disease including cardiac hypertrophy, fibrosis, impaired contractility and reduced vascularization. In contrast to most available treatments, which predominantly only relieve symptoms, this therapeutic strategy also directly targets the cause of heart failure and holds the potential to provide a disease modifying therapy to patients. Results from a successful phase Ib study suggest that CDR132L is well tolerated and demonstrated early signs off efficacy. Cardior will use the Series B funding to advance the candidate’s late-stage clinical development and further expand its pipeline to address large cardiac indications as well as rare diseases such as hypertrophic and dilated cardiomyopathies.
The approach builds on the groundbreaking, award-winning work of Prof. Thomas Thum and his team at the Hannover Medical School (MHH) from which the company was originally spun-out in 2016. Ascenion, the MHH’s technology transfer partner, has closely collaborated with him over many years supporting the translation of the idea into an established company working towards commercialization.
‘Patients and physicians have been waiting for a major breakthrough in the field of cardiovascular diseases for over 10 years. Cardior opens up a promising opportunity to deliver this breakthrough‘, says Christian Stein, CEO of Ascenion. ‘The team combines excellent science with dedicated expertise and remarkable management skills. I’m impressed by their drive and professional approach to project management and milestone planning. To date, they have reliably delivered.‘
‘This financing enables us to further accelerate the development of our programs and work towards making our therapies rapidly available to patients globally’, adds Prof. Thomas Thum. ‘I am very grateful to Ascenion for their committed support, especially during the early days of establishing the company.’
Cardior is the second company in Ascenion’s portfolio to close an exceptionally large financing round within a few weeks. Ascenion holds equity in Cardior. Proceeds from the sale of shares will largely be distributed to the LifeScience Foundation, which in turn makes them available as research grants to endowing institutes, including the MHH.
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