- Cardiol Therapeutics (CRDL) applies for an uplisting to the Nasdaq and raises over C$10 million from warrants and options
- A Nasdaq listing would provide Cardiol with greater exposure to retail and institutional investors alike
- The company will use the C$10 million to strengthen its balance sheet as it furthers CardiolRx’s clinical trials in the United States
- Cardiol Therapeutics is focused on anti-inflammatory therapies for the treatment of cardiovascular disease
- Cardiol Therapeutics (CRDL) is down 6.56 per cent and is currently trading at C$4.13 per share
Cardiol Therapeutics (CRDL) applies for an uplisting to the Nasdaq and raises over C$10 million from warrants and options.
“We believe a Nasdaq listing will provide an ideal platform on which to build a leadership position in the treatment of inflammatory heart disease while elevating the company’s profile within the investment community,” stated David Elsley, President and CEO of Cardiol Therapeutics.
“The receipt of proceeds from the exercise of warrants and stock options further strengthens our balance sheet as we initiate our Phase II/III clinical trial program in the United States.
The trial, which is designed to investigate the cardioprotective properties of CardiolRx in 422 hospitalized COVID-19 patients with a prior history of, or risk factors for, cardiovascular disease, potentially positions the company to report on the impact of our lead drug candidate on reducing major cardiovascular outcomes during 2021,” Elsley added.
If the Nasdaq listing occurs, the company’s common shares would no longer be listed on the OTCQX exchange. The company plans to maintain its current listing on the TSX.
Cardiol Therapeutics is a clinical-stage biotechnology company focused on the research and clinical development of anti-inflammatory therapies for the treatment of cardiovascular disease.
Cardiol’s lead product, CardiolRx, is a pharmaceutically produced oral cannabidiol formulation that is currently entering a Phase II/III outcomes study in hospitalized patients testing positive for the COVID-19 virus.
Cardiol Therapeutics (CRDL) is down 6.56 per cent and is currently trading at C$4.13 per share as of 10:47 am EST.