64 million euros for Cardior

The biotech company from Hanover is pleased about an oversubscribed Series B financing round. Now the start-up wants to push ahead with the development of its cardiac drug.

The biotech start-up Cardior from Lower Saxony has successfully completed its Series B financing round. According to the Hanover-based company, the round was oversubscribed, with a total of 64 million euros injected by both new and existing investors. New backer Inkef Capital leads the round, with Fund+, Sunstone, Hadean Ventures and Coparion also freshly joining. The existing investors LSP, BioMedPartners, Bristol Myers Squibb and High-Tech Gründerfonds have further increased their support.

Cardior is working on active substances based on so-called non-coding RNA (ncRNA). The company's most promising product is a compound against heart disease, which can now enter the next phase of clinical trials, thanks in part to the new funding. "We believe ncRNAs can fundamentally change the treatment of heart disease by preventing, repairing and reversing damage to heart tissue," said Claudia Ulbrich, CEO and co-founder of Cardior. "We thank our new and existing investors for their support and confidence in our ability to achieve our goal."

Ulbrich, a health economist, had founded the company in 2016 with heart specialist Thomas Thum. It is a spin-off of the Hannover Medical School. In addition to the already advanced heart drug, Cardior also wants to use the capital to develop new drugs based on ncRNA. According to Ulbrich, the company wants to create the prerequisites for a new class of drugs.