Cardiol Therapeutics Inc., a well-renowned leader in the production of pharmaceutically produced cannabidiol and the advancement of innovative cannabidiol-based drugs for cardiac diseases, recently announced the pricing of its underwritten public offering in the United States of 2,000,000 common shares at an offering price of US$2.50 per share. The full exercise of the over-allotment option resulted in gross proceeds of approximately US$5,000,000 before deducting the underwriting discount and offering expenses payable by the company.
The Canadian-based company was established in 2012 with the sole motive of advancing the treatment for heart diseases, with a specific cardiology focus of investigating the use of cannabidiol in treating heart failure. This offering will enable them to fund further clinical studies on their medical products and will also be used to cover ongoing operating expenses ultimately aiding in their mission to become a leader in producing targeted therapies for heart failure using pharmaceutical cannabidiol.
A multinational leader in the field of investment banking – Canaccord Genuity LLC, was the sole book-running manager for the offering. Canaccord Genuity LLC’s experience, expertise, and market understanding played a key role in guiding the pricing and overseeing the public offering proceedings.
The offering was conducted by Cardiol Therapeutics in accordance with the Securities Act of 1933, as amended, after filing a registration statement with the US Securities and Exchange Commission that has become effective. Investors outside Canada will have the opportunity to purchase the common shares under the registration statement, and this marks a significant step forward for the global reach of Cardiol Therapeutics.
It’s crucial to note that a part of the public-offering common shares of the company will be issued by means of a prospectus supplement and the accompanying base prospectus of the company under the shelf registration statement filed with the securities regulatory authorities in the provinces of Canada as well as with the Securities and Exchange Commission in the United States.
Cardiol Therapeutics’ move to offer a public offering of common shares stands as a substantial fundraiser for the company. Such an investment will fuel the expansion of the company’s clinical trials in the cardiac sector and it will also enable them to increase the production of cannabidiol, a compound largely utilized for medicinal purposes.
In a nutshell, by investing the funds coming from this public offering, Cardiol Therapeutics is well-positioned to continue advancing the research and development of cannabidiol products for heart diseases. Given the size and scale of this public offering, it will accelerate the pace of Cardiol’s mission to provide innovative treatment solutions for heart disease, which affects millions of people worldwide. The move clearly demonstrates Cardiol Therapeutic’s commitment to heighten its research and development activities in order to make leading-edge heart treatment a reality for the ever-growing population of heart disease patients.
