Cardiol Therapeutics Inc. announced on October 17, 2025, the successful completion of a private placement offering, securing net proceeds of US$11 million. This financing significantly strengthens the company's balance sheet and is anticipated to extend its cash resources to fund operations into the third quarter of 2027. The initial closing of US$10 million has been completed, with the remaining US$1 million expected to close on October 20, 2025.
The offering involved the sale of 11 million units at a price of US$1.00 per unit, with each unit comprising one Class A common share and one-half of one common share purchase warrant. The warrants entitle holders to acquire an additional common share at an exercise price of US$1.35 for 24 months. This capital infusion ensures that the pivotal Phase III MAVERIC trial for recurrent pericarditis is fully funded through to a planned New Drug Application submission with the FDA.
David Elsley, President and CEO, stated that the financing will also accelerate the development of the novel heart failure drug, CRD-38, based on recent ARCHER trial findings. The ARCHER results demonstrated a significant reduction in left ventricular mass, marking the first evidence of structural and remodeling improvement in myocarditis patients. This finding supports pursuing an additional Orphan Drug Designation for CardiolRx in myocarditis and advancing CRD-38 to target the broader heart failure market.
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