Cardiol Therapeutics Completes US$11.4 Million Financing and Extends Cash Runway into Q3 2027

Core Insights - Cardiol Therapeutics Inc. has successfully completed a private placement offering, raising US$11.4 million to support its operations and development of heart disease therapies [3][4]. Financing Details - The company sold a total of 11.4 million units at a price of US$1.00 per unit, with each unit consisting of one common share and one-half of a common share purchase warrant [4]. - The warrants allow holders to acquire additional common shares at an exercise price of US$1.35 for 24 months, with an acceleration provision if the share price exceeds US$2.00 for five consecutive trading days [4]. Clinical Development - The funds will support the ongoing pivotal Phase III MAVERIC trial for CardiolRx™, which targets recurrent pericarditis, and the development of the next-generation CRD-38 formulation for heart failure [6][10]. - Recent findings from the ARCHER trial indicate a significant reduction in left ventricular (LV) mass, providing clinical validation for Cardiol's therapies in inflammatory heart disease [4][12]. Market Potential - The company aims to address a significant unmet need in heart failure, where five-year mortality rates exceed 50%, and healthcare costs in the U.S. related to heart failure exceed US$30 billion annually [4][12].