Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL), a clinical-stage life sciences company focused on heart disease treatments, announced on Wednesday it is raising US$13.5 million through a public offering of 8,437,500 Class A common shares priced at $1.60 per share.
The company said it plans to use the net proceeds from the offering to advance the clinical development of its lead product, CardiolRx, for the treatment of recurrent pericarditis, a condition involving inflammation of the heart's outer lining.
Additional funds will be allocated for general corporate purposes, including administrative expenses and working capital.
Canaccord Genuity (TSX:CF, LSE:CF) is acting as the sole bookrunner for the offering, which is expected to close on or around October 10, subject to customary closing conditions.