Cardiol Therapeutics Announces Exercise and Closing of Over-Allotment Option
Cardiol Therapeutics, a pharmaceutical company focused on the development of innovative therapies for heart diseases, has recently announced the completion of an over-allotment option in connection with its previously announced public offering of common shares. The over-allotment option was exercised in full by the underwriters, resulting in additional gross proceeds of $750,000 for the company.
The over-allotment option allowed the underwriters to purchase up to an additional 750,000 common shares at the offering price of $1.00 per share. With the full exercise of the over-allotment option, the total gross proceeds raised by Cardiol Therapeutics from the public offering now amount to $5.75 million.
Cardiol Therapeutics intends to utilize the net proceeds from the offering, including the additional proceeds from the over-allotment option exercise, for general corporate purposes and working capital. These may include funding research and development activities for its innovative therapies targeting heart diseases, as well as potential strategic initiatives to further advance its pipeline of products.
The successful completion of the over-allotment option demonstrates the market’s confidence in Cardiol Therapeutics’ growth potential and the promising future outlook for the company’s proprietary formulations aimed at addressing significant unmet medical needs in cardiovascular health. It also underlines the strong demand for investment opportunities in the biopharmaceutical sector, particularly for companies with a focus on delivering breakthrough treatments for cardiovascular conditions.
The management team at Cardiol Therapeutics expressed their appreciation for the support received from investors during the public offering and the exercise of the over-allotment option. The additional proceeds generated will strengthen the company’s financial position and provide greater flexibility to pursue its strategic objectives, including advancing clinical development programs and expanding commercialization efforts for its innovative therapies in heart diseases.
Looking ahead, Cardiol Therapeutics remains committed to advancing its mission of transforming the treatment landscape for cardiovascular conditions through cutting-edge research, development, and commercialization initiatives. With a robust pipeline of novel therapies in various stages of development, the company is well-positioned to create long-term value for patients, healthcare providers, and shareholders alike.