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.

Christian Homsy, CEO of Cardio3 BioSciences, said: “The new funding will allow us to proceed with our European Phase III trial in patients with congestive heart failure. We are confident that this study will confirm that C-Cure has the potential to significantly improve the disease course of those very sick patients, and could lead to a paradigm shift in the treatment of heart failure.”

Details of which firms participated in…

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