CEO David Elsley instructed traders that the agency sees it as an “opportune time” for Cardiol to formally apply for an uplisting
Cardiol Therapeutics Inc (TSE:CRDL) (OTCQX:CRTPF) (FSE:CT9) introduced Tuesday that it has submitted an software to uplist its shares to the tech-laden Nasdaq inventory alternate within the US.
In a press release, CEO David Elsley instructed traders that the agency sees it an “opportune time” for Cardiol to formally apply for an uplisting.
“We imagine a Nasdaq itemizing will present a super platform on which to construct a management place within the therapy of inflammatory coronary heart illness whereas elevating the corporate’s profile inside the funding neighborhood,” Elsley mentioned.
READ: Cardiol Therapeutics forms two new committees for its Phase II/III trial of CardiolRx in COVID-19 patients
The biotechnology agency additionally revealed that it had obtained proceeds of over $10 million from the train of warrants and inventory choices. Proceeds from the warrants and choices will strengthen the agency’s stability sheet at a time when it’s about to embark on a Section II/III medical trial program within the US. The trial is designed to analyze the cardioprotective properties of its lead drug candidate CardiolRx in 422 hospitalized COVID-19 sufferers with a previous historical past of, or threat elements for, heart problems.
CardiolRx is an ultra-pure, extra-strength cannabidiol oral formulation that’s pharmaceutically produced, manufactured underneath cGMP, and THC-free (lower than 10 ppm).
The Section II/III trial “probably positions the corporate to report on the impression of our lead drug candidate on decreasing main cardiovascular outcomes throughout 2021,” Elsley added.
Cardiol cautioned that its itemizing is topic to the approval of the Nasdaq and the satisfaction of all relevant itemizing standards and necessities.
If the Nasdaq itemizing happens, the corporate’s shares would delist from the OTCQX alternate. Cardiol plans to take care of its present itemizing on the Toronto Inventory Alternate.
Contact Angela at [email protected]
Observe her on Twitter @AHarmantas