Cardio3 Surges on Progress for Rival Mesoblast: Brussels Mover

Cardio3 BioSciences SA, a Belgian developer of experimental stem-cell treatments, rose to the highest since its initial share sale in July after a competitor gained U.S. approval to start a trial with similar technology.

Cardio3 advanced 50 cents to 24.50 euros at the 5:35 p.m. close of trading on Euronext Brussels, giving the Mont-Saint-Guibert-based company a market value of 155.2 million euros ($209.1 million). More than 544,000 shares were traded, 38 times the three-month daily average. The stock has surged 78 percent in the past eight trading days.

Mesoblast Ltd., an Australian company that’s using similar technology, rose to an eight-month high on Nov. 1 after saying it gained Food and Drug Administration approval to start a late-stage study with its partner, Teva Pharmaceutical Industries Ltd., of its stem cells in patients with heart failure.

That development “makes us quite confident in seeing the technology as an emerging one, and more than that, an approvable one,” Arnaud Guerin, an analyst with Portzamparc Societe de Bourse in Nantes, France, said by phone today.

Cardio3 raised 23 million euros in an initial public offering in July to fund a late-stage study of its C-Cure stem-cell therapy for heart patients.

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