Belgian-based biopharmaceutical company Cardio3 Biosciences has unveiled a €19m ($24.4) funding round that saw previous investors inject €7m in new equity alongside the conversion of €12m in existing convertible loans.
The formal capital increase was approved at a shareholder meeting and is expected to complete by the end of May 2013.
The fresh capital will allow Cardio3 to further finance the ongoing Phase III trial of its lead product, C-Cure, currently being tested in Europe on patients with congestive heart failure.
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