Cardiol Therapeutics Files Preliminary Prospectus Supplement for Proposed Public Offering of Common Shares
Cardiol Therapeutics, a leader in the research and development of pharmaceutical cannabidiol (CBD) products, has announced its intention to make a public offering of common shares. The company filed a preliminary prospectus supplement with the securities regulatory authorities in each of the provinces and territories of Canada, excluding Quebec.
The offering will be conducted through a syndicate of underwriters led by Stifel GMP and co-led by Raymond James Ltd. The underwriters have an option to purchase up to an additional 15% of the common shares offered under the offering at the offering price, exercisable in whole or in part at any time up to 30 days after the closing of the offering.
Cardiol Therapeutics intends to use the net proceeds from the offering primarily for research and development activities related to its pharmaceutical CBD products, including the clinical development of CardiolRx, the company’s lead clinical drug candidate. CardiolRx is a unique and proprietary pharmaceutical cannabidiol formulation that has demonstrated potentially improved pharmacokinetics following subcutaneous administration.
In addition to advancing its drug development programs, Cardiol Therapeutics plans to utilize a portion of the net proceeds for working capital and general corporate purposes. This strategic move reflects the company’s commitment to driving innovation in the field of pharmaceutical CBD therapies and advancing its pipeline of promising drug candidates.
The decision to pursue a public offering underscores Cardiol Therapeutics’ confidence in its scientific expertise, market potential, and growth opportunities in the evolving landscape of CBD-based pharmaceuticals. By accessing the public markets, the company aims to strengthen its financial position, accelerate the development of its innovative products, and expand its reach to a broader investor base.
Investors and stakeholders will closely monitor the progress of Cardiol Therapeutics as it navigates the regulatory and commercial challenges associated with bringing novel CBD pharmaceuticals to market. With a clear focus on research excellence, clinical development, and strategic partnerships, the company is poised to deliver impactful solutions to address unmet medical needs and enhance patient care in therapeutic areas such as heart failure, cancer, and other cardiovascular conditions.
As Cardiol Therapeutics advances its pipeline of pharmaceutical CBD products through rigorous clinical trials and regulatory approvals, the successful completion of the proposed public offering will be a crucial milestone in its journey towards achieving long-term growth, sustainability, and value creation for shareholders, patients, and the healthcare industry at large.