Company
TSE:CRDL
Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead drug candidate, CardiolRx™ (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis, and heart failure. Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration to conduct clinical studies to evaluate the efficacy and safety of CardiolRx™ in two diseases affecting the heart: (i) a Phase II multi-center open-label pilot study in recurrent pericarditis (inflammation of the pericardium), which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations; and (ii) a Phase II multi-national, randomized, double-blind, placebo-controlled trial (the “ARCHER” trial) in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. Cardiol is also developing a novel subcutaneously administered drug formulation of cannabidiol intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.
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The group's flagship product, CardiolRx, is formulated to be one of the safest and most consistent CBD medicines available on the market
Cardiol issued 16.35 million units priced at US$3.07 per unit for gross proceeds of US$50,194,500
“Based on the large body of experimental evidence of the anti-inflammatory and cardioprotective properties of cannabidiol in models of cardiovascular disease, the company believes there is a significant opportunity to develop an important n
Cardiol has received government approvals from health authorities in Brazil, Mexico, and Canada to expand the trial in hospitals in the three countries
The company noted that Willner has been a very active and successful opportunistic investor for over forty years and is the founder of Willner Capital, Inc., an investment company specializing in public and private equities, as well as debt
The multi-center, double-blind, randomized, placebo-controlled study is expected to enroll 100 patients at clinical centers in the US and Europe
David Elsley, president & CEO of Cardiol Therapeutics, commented: "Listing on NASDAQ is a major milestone for our Company as NASDAQ is the premier global stock exchange for life science and biotechnology companies"
The new chair boasts a long career in cardiology, being board certified in cardiovascular disease and advanced heart failure and transplant cardiology
Proceeds will go towards advancing research and clinical development programs, for additional commercial product development, and for general corporate purposes
The trial is a randomized, double-blind, placebo-controlled study that will test the efficacy and safety of CardiolRx in preventing cardiovascular complications in 422 hospitalized coronavirus (COVID-19) patients
The biotechnology company said the results from the single and multiple ascending dose trial indicate that the drug was safe and well-tolerated at all dose levels, with no serious side effects reported
CEO David Elsley called 2020 an exciting year, progressing research and clinical development programs while significantly strengthening its financial position
Hamer will lead the research and development of the company’s clinical-stage products and will also guide the development of additional novel therapeutics in Cardiol’s pipeline
The research firm cited Cardiol’s revenue potential from its ultrapure cannabidiol formulation Cortalex, which was launched last year through the Medical Cannabis by Shoppers portal
CEO David Elsley told investors that the firm sees it as an “opportune time” for Cardiol to formally apply for an uplisting
Market watchers say the deal may lend further legitimacy to a growing segment of cannabis companies that focus on pharmaceutically produced products
The Data Safety Monitoring Committee and the Clinical Endpoint Committee will be involved in the ongoing trial, which looks at 422 patients hospitalized with COVID-19 at clinics throughout the US
Cardiol said that the treatment was “generally well tolerated” with no serious adverse events reported in the 51 subjects that completed all requirements of the study protocol
Worldwide supports drug development in over 60 countries and has offices in the Americas, Europe and Asia
Cortalex is the first pharmaceutically-produced CBD oil that is specifically formulated for patients who would benefit from the therapeutic effects of cannabidiol but should not take THC
