Bloomberg

(Bloomberg) -- Cardiorentis AG, a closely held Swiss pharmaceutical company, and researchers investigating its experimental drug to treat worsening heart failure won’t present their findings at the American College of Cardiology meeting on Monday as scheduled.

The researchers pulled the study from the annual meeting, saying the data wasn’t ready for formal presentation, said Beth Casteel, a spokeswoman for the American College of Cardiology.

The Zug, Switzerland-based drugmaker hoped to use the findings from the 2,157 patient trial to raise capital to further develop and sell the medication, Chief Executive Officer Johannes Holzmeister said in an interview last month. Holzmeister and the company’s spokesman didn’t immediately return calls for comment on Friday.

Cardiorentis raised 60 million Swiss francs ($62 million) from investors in January, which will “easily” fund operations through 2016, the CEO said in March. The plans to raise more capital depended on results of the study, he said at the time.

To contact the reporters on this story: Johannes Koch in Berlin at jkoch34@bloomberg.net, Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net. To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net, Cecile Daurat

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