CardioVascular BioTherapeutics Secures $15 Million in Private Equity
CardioVascular BioTherapeutics, Inc. has secured a $15 million private equity placement from the Swiss investment boutique “FirmInvest AG,” whose principals are longstanding shareholders of CVBT. The contract is for 15 million shares of common stock at $1.00 each. No warrants or dilutive securities will be issued in connection with the private placement and the private placement does not provide for registration rights.
“This financing from FirmInvest will give the company the opportunity and the funding necessary to complete the patient dosing of our Phase II Coronary Heart Disease clinical trial while continuing to advance our other clinical trials,” stated Dr. Thomas Stegmann, Co-President and Chief Medical Officer. Dr. Stegmann further stated, “I am optimistic that this Phase II Coronary Heart Disease clinical trial, which will include patients with end-stage Coronary Heart Disease, will confirm the results of our previous clinical trials using our angiogenic protein therapy. Now that we have this private placement available, and given the importance of the Phase II Coronary Heart Disease trial to the valuation of our Company which is now at an all time low, the Company has decided to defer its London AIM listing until later in 2007.”
“Over the next six to 12 months, I believe CVBT will have more information regarding the medical viability of our angiogenic treatments for Coronary Heart Disease, Peripheral Arterial Disease, Wound Healing, and Chronic Back Pain,” said Dan Montano, CVBT's Chief Executive Officer. “Additionally, over the next six to 12 months we expect to ascertain the level of interest for partnership opportunities with one or more of our drug candidates.”
Mr. Montano further stated, “Founded in 1998, CVBT has raised over $90 million from investors, including this private placement, to advance Dr. Stegmann's discovery. As such, before the company conducts a major public offering, I believe it is in the best interest of CVBT and its shareholders to first complete the patient dosing of the Phase II Coronary Heart Disease trial.”
CVBT is a biopharmaceutical company developing drug candidates with human FGF-1 as their active pharmaceutical ingredient (API) for diseases characterized by inadequate blood flow to a tissue or organ. The company has four clinical trials underway with drug candidates to treat the following medical indications: severe Coronary Heart Disease (CVBT-141A), dermal wound healing in diabetics (CVBT-141B), and Peripheral Arterial Disease (CVBT-141C) and chronic back pain (CVBT-141E). The names in prentices are the trial names given by the company for the drug candidate groups.
For more information, please visit www.cvbt.com