Recardio Secures $3 Million in Series A Financing, Relocates Headquarters to San Francisco

Nov 11, 2015, 08:00 ET from Recardio Inc.

SAN FRANCISCO and KLAGENFURT, Austria, Nov. 11, 2015 /PRNewswire/ -- Recardio Inc., a clinical-stage life science company focusing on regenerative therapies for cardiovascular diseases, today announced that it has secured $3 million in a Series A preferred stock offering. The financing includes existing shareholders as well as a number of new undisclosed investors. The proceeds will be used to advance a Phase 2 clinical trial for Recardio's lead therapeutic candidate, Dutogliptin, which is being developed for the treatment of acute myocardial infarction (AMI), commonly known as heart attack.

Recardio also announced that it has relocated its headquarters from Klagenfurt, Austria, to San Francisco. The company's Klagenfurt location will remain as the company's European hub.

"The coming year will be both exciting and defining for Recardio as we begin our international Phase 2 trial with Dutogliptin for AMI, one of the most promising indications from our cardiovascular platform technology," said Dr. Roman Schenk, Recardio's founder, president and CEO. "The relocation of our corporate headquarters to San Francisco reflects the importance of the U.S. market and the opportunity to continue the development of our technology in California, which is the hub of regenerative medicine innovation."

Recardio's non-invasive regenerative approach can potentially play a significant role in improving the survival rate and quality of life for patients who experience a heart attack, as well as various other cardiovascular diseases.

Dutogliptin is a DPP-4 inhibitor that has demonstrated significant effect in activating SDF-1, a key factor in targeting circulating stem cell at the damaged ischemic tissue. Targeting SDF-1 activation is an established mechanism of action for a variety of regenerative therapies. However most of these therapies are invasive and other drugs not effective in ischemic diseases due to both chemistry and pharmacology limitations. Dutogliptin has demonstrated impressive activity on SDF-1 in ischemic models, whereas other small molecules have little-to-no activity. In combination with the FDA-approved protein G-CSF, a stem-cell mobilizer, Dutogliptin can potentially treat a wide range of acute and chronic cardiac diseases, including AMI. Current treatments for AMI often do not improve or revert heart tissue deterioration or improve regeneration, putting patients at increased risk for chronic heart failure.

Preclinical data suggests that the activation of SDF-1 by Dutogliptin can result in significant increase of survival and hemodynamic function. After the completion of the current Phase 1 clinical study to evaluate safety and proper dosing of Dutopliptin, Recardio will initiate a Phase 2 study in the second quarter of 2016 to evaluate Dutogliptin in combination with G-CSF as an adjunct to standard therapy in patients with AMI. Additionally, the company plans in 2018 to conduct a Phase 2 study of Dutogliptin as a platform for treating chronic heart failure, and anticipates future trials in peripheral arterial diseases that use the SDF-1 pathway for regeneration.

About Recardio

Recardio is a clinical-stage life science company focusing on regenerative therapies for cardiovascular diseases. The company's lead drug candidate, Dutogliptin, is a DPP-4 inhibitor that has demonstrated significant effects in activating SDF-1, a protein that is critical for cardiac regeneration. The company has initiated a Phase 1/2 clinical program, seeking to fully develop the therapeutic platform as a regenerative medication for patients with various cardiovascular diseases including acute myocardial infarction and chronic heart failure, with the potential of improving heart function, quality of life and survival.

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SOURCE Recardio Inc.