June 20, 2013 / 6:18 AM / 4 years ago

UPDATE 1-Belgian heart drug firm Cardio3 launches IPO

* IPO to raise up to about 28 mln euros

* IPO in Brussels and Paris

* Shares on sale at 16.65-19.00 euros (Recasts, adds company valuation, reference to bpost)

BRUSSELS, June 20 (Reuters) - Belgian heart drug specialist Cardio3 BioSciences IPO-CARD.BR launched an initial public offering (IPO) in Brussels and Paris on Thursday to raise up to about 28 million euros ($37.5 million) from new shares to fund its clinical development.

The move came hours after Belgium’s postal service announced a top-of-the-range valuation for its IPO, making it the first successful major flotation in Brussels for more than three years.

Cardio3 said it would sell 1.3 million new shares at between 16.65 euros and 19.00 euros each, with a possible over-allotment option of 15 percent.

If the over-allotment option was taken, that would mean it could raise about 28 million euros.

Cardio3 has a large-scale trial running in Europe for C-Cure, its treatment for heart failure which involves taking cells from a part of the patient’s body that has the ability to repair itself, and then treating the cells to become heart cells and injecting them into the heart.

It hopes to use the IPO cash to fund the European trial and get clearance to start a study in the United States.

Cardio3 said two long-term investors, Wallonia regional investment group SRIW and PMV, a Flemish investment organisation, had committed to buy 13.95 million euros of shares.

The offer period will run from June 21 to July 3, and Kempen & Co has been appointed as global coordinator and joint bookrunners along with Invest Securities.

$1 = 0.7461 euros Reporting by Ben Deighton; Editing by Mark Potter

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