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Cardio3 BioSciences opens U.S. subsidiary
MONT-SAINT-GUIBERT, BelgiumóCardio3 BioSciences, a Belgian biotechnology company specializing in regenerative and protective therapies for treating cardiovascular diseases, announced today the establishment of a subsidiary, Cardio3 BioSciences, Inc., in Rochester, Minn. The company already has ties to the area, as the main scientific work underlying its Cardiopoiesis technology platform, designed to reprogram patients' stem cells to rebuild the heart, originated at Mayo Clinic, Minn.
"We started courting Cardio3 BioSciences shortly after they signed their license agreement with Mayo. We are pleased Christian and his team see the value in locating their business here," Gary Smith, President of Rochester Area Economic Development Inc., said in a press release. "Their early results of applying Mayo-developed technology look promising. Hopefully one day soon, Cardio3 BioSciences' products will be improving outcomes for thousands of patients. Following that success there should also be lots of jobs created for Rochester area residents."
The company has been working on the development of its core revolutionary technology of adult autologous stem cell commitment to cardiac lineage C3BS-CQR-1 (C-Cure) as a treatment for heart failure. The new Rochester, Minn.-based subsidiary will provide support for the expansion of Cardio3 BioSciences' U.S. clinical and regulatory activities, and will also serve to substantiate the early evidence of C3BS-CQR-1's feasibility, safety and efficacy in a large-scale setting. The subsidiary will also play a part in strengthening the company's research and commercialization efforts with Mayo Clinic as well as other U.S. collaborators.
"I'm quite pleased and excited that Cardio3 BioSciences has decided to locate their US subsidiary in Rochester," Ardell Brede, Mayor of Rochester, said in a press release. "Gary Smith, President of Rochester Area Economic Development Inc., and I met with [Cardio3 BioSciences CEO] Christian Homsy on a number of occasions, most recently at the Bio 2011 June meeting in Washington DC. While this will start out as a small operation, we believe Cardio3 BioSciences has the potential to one day be a major employer, contributing to Rochester's growth as the world's premier Destination Medical Community. I look forward to providing them a warm Rochester welcome."
Cardio3 BioSciences intends for C3BS-CQR-1 to become the first approved regenerative product for patients who have suffered ischemic heart failure. In a phase II clinical trial, ischemic heart failure patients who received C-Cure as a treatment showed an 18.1 percent relative improvement of Left Ventricular Ejection Fraction after six months versus baseline, while the control group displayed a 3.6 percent relative improvement versus baseline. Those in the group receiving the C-Cure treatment also displayed an improved capacity for exercise when measured by the "six-minute walk distance test."
No complications were evinced in relation to the use of cardiopoietic stem cells. The company intends to discuss the results of the phase II trial with the U.S. Food and Drug Administration and the European Medicines Agency before the protocol for the phase III trials is finalized.
"Today is a very significant day for Cardio3 BioSciences," Dr. Homsy said in a press release. "In establishing our U.S. subsidiary in Rochester, we are reinforcing our historical link with Mayo Clinic and strengthening our US presence before the start of the Phase III trials of C-Cure. We expect these phase III trials to start in 2012 and include centers in the U.S. to confirm the encouraging Phase II results. Rochester is an acknowledged medical center of excellence that we very much look forward to being a part of."
SOURCE: Cardio3 BioSciences press release