Roth bullish on Cardiol, says trial results enough to attract larger partner
Study Results: Roth Capital maintains a Buy rating on Cardiol Therapeutics, highlighting encouraging top-line results from the ARCHER study for Acute Myocarditis, which showed notable improvement in left ventricular extracellular volume favoring CardiolRx over placebo, despite missing statistical significance.
Future Prospects: The firm believes these results could attract larger partnerships for more extensive heart failure trials and support pivotal trials for acute myocarditis, even though the company did not meet the independent primary endpoint for Global Longitudinal Strain as anticipated.
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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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