Cardio Diagnostics Inc. officially combined with a publicly traded special purpose acquisition company — Mana Capital Acquisition Corp. — this week in a move to help grow and scale the biotech startup. The combined company will operate under the name Cardio Diagnostics Holdings Inc. and will be led by CEO Meeshanthini Dogan, Ph.D.
Open for trading on the Nasdaq Capital Market under the new ticker symbol "CDIO", the business combination proved a successful path for Cardio Diagnostics in becoming public at a time when few others are.
Founded in 2017, Cardio Diagnostics aims to help physicians better detect and treat cardiovascular disease, the leading cause of death in the United States. Cardiovascular disease is projected to impact more than 45% of Americans by 2035, according to the American Heart Association.
Dogan, co-founder and CEO of Cardio Diagnostics, told Chicago Inno that she is excited to see what lies ahead for the company after joining the Nasdaq.
"I think we're in the right space and we're able to meet the challenges of the space, both as a company that's building a technology and a company that's able to grow in the public eye," she said.
Cardio Diagnostics’ flagship product, Epi+Gen CHD, launched in 2021 and assesses the three-year risk for coronary heart disease, the most common type of heart disease and is considers a primary cause of heart attacks.
The technology combines artificial intelligence and the testing of two types of DNA biomarkers: genetics and epigenetics. With it, Cardio Diagnostics can predict who is at a lower risk of developing coronary heart disease, which the company admits current tests do well, and identify who is at higher risk of developing CHD, which is one area it sees as lacking in current testing.
Dogan said Wednesday marked an important milestone for the company after years of clinical testing and going through the process of validation studies.
She's also proud to call Cardio Diagnostics a Chicago company.
Cardio Diagnostics opened a new headquarters in Fulton Market last May, and Dogan wants to continue to be part of the city's budding biotech space.
She said she evaluated different cities and different biotech hubs like Boston and San Diego, but chose Chicago because of all the available talent coming out of nearby universities and the momentum in the space right now.
