Cardiol Therapeutics Announces Exercise and Closing of Over-Allotment Option
Cardiol Therapeutics, a leader in the development of heart failure therapeutics using its patented oral formulation of cannabidiol (CBD), announced the recent exercise and closing of the over-allotment option organized by a syndicate of underwriters. The over-allotment option was exercised in full, resulting in gross proceeds of approximately $3.5 million.
The syndicate of underwriters was led by Leede Jones Gable Inc. and included Canaccord Genuity Corp., PI Financial Corp., and Eight Capital. The exercise of the over-allotment option is a testament to the strong investor interest and confidence in Cardiol Therapeutics and its innovative approach to developing heart failure therapeutics.
Steven Sanders, Chief Executive Officer of Cardiol Therapeutics, expressed his gratitude towards the underwriters and investors for their support during this transaction. He highlighted the importance of the gross proceeds in advancing the clinical development of Cardiol’s proprietary pharmaceutical cannabidiol products. The additional funding will facilitate the ongoing research and development efforts, including the Phase 2 international trial of CardiolRx in acute myocarditis.
Cardiol Therapeutics has been at the forefront of developing novel therapies for heart failure using CBD as a primary active ingredient. The company’s commitment to advancing cardiovascular health through innovative research and development sets it apart in the biopharmaceutical industry.
This exercise and closing of the over-allotment option mark a significant milestone for Cardiol Therapeutics as it continues to strengthen its position as a leading player in the field of heart failure therapeutics. With the additional funds raised, the company is well-positioned to accelerate its clinical programs and bring potentially life-changing treatments to patients suffering from heart failure.
In conclusion, Cardiol Therapeutics’ successful exercise and closing of the over-allotment option underscore the investor confidence and support for the company’s groundbreaking work in developing CBD-based therapies for heart failure. As Cardiol Therapeutics continues to advance its clinical programs, the future looks promising for innovative treatments that could make a real difference in the lives of patients with heart failure.