Report

Update: East and West

In the East, Cardio3 has licensed its C-Cure autologous cardiac cell therapy to a joint venture with Medisun, a new Chinese company. Medisun has invested €25m in Cardio3 at €44/share to close the deal. The immediate and greater implication lies to the West. The €25m cash funds the FDA-approved CHART-2 trial due to start in late 2014. This avoids partnering early in the US, allowing either an enhanced early deal or an eventual, assumed 50:50 marketing deal to capture more profit. This lifts the indicative value to €97 per share.
Underlying
Celyad Oncology

Celyad is engaged in engineered cell therapy treatments with clinical programs initially targeting indications in cardiovascular disease and oncology. Co. provides C-CATHez, an injection catheter that delivers bio therapeutic agents into the myocardium. Co.'s main product is C-Cure, which is in Phase III clinical trials for the treatment of chronic heart failure secondary to ischemic cardiomyopathy. Co.'s drug product candidates are autologous cell therapy treatments. In autologous procedures, a patient's cells are harvested, selected, reprogrammed and expanded, and then infused back into the same patient.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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