Cardiol ARCHER study not statistically significant, says Canaccord
Phase II ARCHER Trial Results: Cardiol Therapeutics' Phase II ARCHER trial showed a notable improvement in extracellular volume, but the results were not statistically significant for one primary endpoint, and no significant difference was found for the second primary endpoint of global longitudinal strain.
Analyst Outlook: Canaccord maintains a Buy rating on Cardiol with an $8 price target, suggesting that a small outcomes study could be feasible without adjusting the clinical timeline for acute myocarditis.
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Cardiol Therapeutics (CRDL) Raises $13.5M Through Bought-Deal Private Placement at $1.30/Unit
- Funding Size: Cardiol Therapeutics has entered into a bought-deal agreement with Canaccord Genuity to issue 10.38 million units at $1.30 each, successfully raising $13.5 million, thereby strengthening its financial position for future growth.
- Over-Allotment Option: The underwriter has the option to purchase an additional 10% of the units, potentially increasing proceeds by $1.35 million, providing the company with further funding flexibility.
- Unit Composition: Each unit consists of one Class A common share and one-half of a common share purchase warrant, which can be exercised at $1.75 per share for 24 months post-issuance, enhancing potential returns for investors.
- Use of Proceeds: The proceeds from this financing will be used to advance research and clinical development programs, as well as for working capital and general corporate purposes, reflecting the company's strategic planning for future growth.
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