Cardiol Therapeutics has recently declared the pricing of an underwritten public offering of common shares. The globally renowned clinical-stage life sciences company, committed to the development of innovative anti-inflammatory therapies for cardiovascular diseases, is settingthe bar high with the deal, which includes 3,529,412 common shares at a prominent price of US$8.50 per share.
The ingenious initiative offers total gross proceeds of approximately US$30 million, prior to deducting underwriting discounts and commissions and offering-related expenses. This venture forth is a sizeable move for Cardiol Therapeutics and promises to propel the company’s initiatives forward fruitfully. Also, adding a prominent advantage to the deal, the Company has also granted the underwriters a 30-day option to purchase up to an additional 529,411 common shares at the public offering price, less underwriting discounts, and commissions.
The offering is expected to close by July 27, 2021, subject to standard closing conditions. Canaccord Genuity LLC is performing the role of sole book-running manager for the offering while Bloom Burton Securities Inc. is acting as a special selling group member. These partnerships for the offering ensure it runs smoothly with proper professional oversight.
The Company predicts the net proceeds from the offering will be used mainly for funding research and development activities, including clinical trials, along with working capital and other general corporate purposes. This reveals the company’s dedication to constantly pushing the boundaries in their field.
The offering of these shares has been implemented in accordance with a prospectus supplement to the Company’s existing Canadian base shelf prospectus and U.S. registration statement. The prospectus facilitates the offering in the provinces of Canada except Quebec. Simultaneously, the U.S. registration statement has been filed with the United States Securities and Exchange Commission (SEC). Each proves the legalities of the operation and streamlines the process of the offering.
In essence, Cardiol Therapeutics’ new venture promises a promising leap towards its goal of developing innovative anti-inflammatory therapies for cardiovascular diseases. With the new funding, the organization is poised to break new ground in clinical research, and bring new hope to so many diagnosed with these widespread health problems. Their cutting-edge research and development activities are set to make a significant impact on the global medical and pharmaceutical industry.
The strategic move, born from exceptional management, continues to keep Cardiol Therapeutics on the radar of investors and stakeholders worldwide and confirms the value the company places on progressive advancement in the field of cardiovascular diseases. This effort not only bolsters their work but also means a promising future for countless patients who stand to benefit from their research. Therefore, the unfolding of these latest developments from the Company is undoubtedly a monumental event to watch. With the dedicated team at Cardiol Therapeutics, and the substantial funds soon coming their way through this public offering, the future of cardiovascular disease therapy looks brighter than ever.