Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) Inc announced it has closed a US$50 million public offering to advance its research and clinical development programs.
The clinical-stage biotechnology company is focused on the research and clinical development of innovative anti-inflammatory therapies for the treatment of cardiovascular disease.
Its lead product, CardiolRx, is a pharmaceutically produced oral cannabidiol formulation that is being investigated in a Phase II/III outcomes study in hospitalized patients testing positive for the coronavirus (COVID-19) virus.
READ: Cardiol Therapeutics receives Health Canada approval for Phase II trial of CardiolRx
Under the terms of the financing, Cardiol issued 16.35 million units priced at US$3.07 per unit for gross proceeds of US$50,194,500.
Each unit is comprised of one share and one-half of one warrant exercisable at US$3.75 for a three-year term.
Proceeds will also be used for additional product development and general corporate purposes, according to a statement from the company.
Canaccord Genuity (TSX:CF, LSE:CF) and Cantor Fitzgerald acted as joint bookrunners in connection with the offering.
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