Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) has successfully raised a total of US$15.5 million through a public offering.
The company announced that Canaccord Genuity (TSX:CF, LSE:CF) has exercised its over-allotment option in full, purchasing an additional 1,265,625 Class A common shares at $1.60 per share.
This purchase, made under the previously completed public offering, brings the total number of shares sold to 9,703,125, generating aggregate gross proceeds of $15,525,000.
The original offering, which consisted of 8,437,500 common shares, raised $13.5 million, while the exercise of the over-allotment option added $2.025 million to the total before underwriting commissions.
Cardiol plans to use the net proceeds from the offering to advance the clinical development of its lead drug candidate, CardiolRx, aimed at treating recurrent pericarditis.
Funds will also support general and administrative expenses, working capital, and other corporate purposes.