Hannover Medical School spinout Cardior has welcomed both new and existing backers, such as Bristol Myers Squibb, for a series B round led by Inkef Capital.
Cardior Pharmaceuticals, a Germany-based developer of therapeutics for cardiac diseases based on research at Hannover Medical School, closed a €64m ($76m) series B round today led by venture capital firm Inkef Capital.
Pharmaceutical firm Bristol Myers Squibb (BMS) took part in the round together with Fund+, Sunstone, Hadean Ventures, Coparion, LSP, BioMedPartners and High-Tech Gründerfonds (HTGF).
Founded in 2016, Cardior Pharmaceuticals is working on non-coding RNA-based therapeutics that would be capable of preventing, repairing and reversing heart diseases by addressing the root causes rather than treating symptoms.
The series B capital has been allocated to the late-stage development of Cardior’s lead asset, CDR132L, which targets micro-RNA-132 whose dysregulation contributes to the occurrence of several conditions.
Cardior completed a $16.5m series A round co-led by BMS and its peer Boehringer Ingelheim, which invested through its Boehringer Ingelheim Venture Fund, in 2017. HTGF and BioMedPartners participated in the series A round.
Tech transfer organisation Ascenion also owns equity in Cardior, having helped to establish the spinout.
Christian Stein, CEO of Ascenion, said: “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.
“The team combines excellent science with dedicated expertise and remarkable management skills. I am impressed by their drive and professional approach to project management and milestone planning. To date, they have reliably delivered.”
