Cardiol Therapeutics has confirmed the pricing of its public offering at $13.5 million

2 min read | October 09, 2024 06:20 AM PDT | By Team Kalkine Media

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Cardiol Therapeutics has confirmed the pricing of its public offering at $13.5 million — Image source: Shutterstock

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Highlights:

Cardiol Therapeutics is raising US$13.5 million through a public offering of 8,437,500 Class A common shares at a price of $1.60 per share.
Proceeds from the offering will primarily be directed towards advancing the clinical development of CardiolRx for the treatment of recurrent pericarditis.
The offering is being managed by Canaccord Genuity and is expected to close around October 10, pending customary closing conditions.

Cardiol Therapeutics {NASDAQ:CRDL} , a clinical-stage life sciences company dedicated to developing innovative treatments for heart disease, has announced plans to raise US$13.5 million through a public offering of 8,437,500 Class A common shares, priced at $1.60 per share. This strategic move is aimed at bolstering the company's financial resources to advance the clinical development of its lead product, CardiolRx, which targets recurrent pericarditis—an inflammatory condition affecting the heart's outer lining.

The net proceeds from the offering will not only support the advancement of CardiolRx but will also be allocated for general corporate purposes, which include administrative expenses and working capital. This funding will play a crucial role in ensuring the ongoing development and potential commercialization of Cardiol Therapeutics' therapies.

Canaccord Genuity is serving as the sole bookrunner for the offering. The transaction is anticipated to close on or around October 10, subject to customary closing conditions.

This fundraising initiative reflects Cardiol Therapeutics' commitment to addressing significant unmet needs in cardiovascular health, with a focus on enhancing treatment options for patients suffering from recurrent pericarditis.

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