Biotech companies, by their very nature, can often be difficult to understand for investors... but in order to understand Cardiol, all you have to know is that the firm is developing therapies for heart disease and heart failure through cannabidiols.
Cardiol Therapeutics is a clinical-stage biotechnology company focused on developing innovative anti-inflammatory therapies for the treatment of cardiovascular disease (heart/blood vessels).
The company has received approval from the U.S. FDA to commence a Phase II/III, double-blind, placebo-controlled clinical trial investigating the efficacy and safety of its lead clinical product, CardiolRx™.
CardiolRx™ is an ultra-pure, high concentration cannabidiol oral formulation that is pharmaceutically produced, manufactured under cGMP and THC free. (less than 10 ppm)
Cardiol is also planning a Phase II international trial of CardiolRx™ in acute myocarditis, a condition caused by inflammation in heart tissue, most common cause of sudden cardiac death in people under 35.
The company gained a huge boost this month closing its "bought deal" short form prospectus offering for aggregate gross proceeds of approximately $22m. This came after upsizing from the previously announced $15m offering; and after receiving more than $10m earlier this year from the exercise of warrants and stock options.
So, the company now sits on an enviable war chest. And it has ambitious plans for the future.
David Elsley, Cardiol Therapeutics’ President & CEO, walks us through them...