Cardiol Therapeutics Completes US$11.4 Million Financing and Extends Cash Runway into Q3 2027

Executive Summary

• Cardiol Therapeutics completed a private placement raising US $11.4 million, providing funding to support operations into Q3 2027 and accelerate development of its heart‑failure programs.
• The company highlighted positive Phase II ARCHER trial results showing a significant reduction in left‑ventricular mass, supporting further orphan‑drug designation for CardiolRx™ and advancing the next‑generation CRD‑38 formulation.
• Ongoing pivotal Phase III MAVERIC trial for recurrent pericarditis is fully funded through to a planned New Drug Application submission with the FDA.

Key Details

• Financing Structure: 11.4 million Units sold at US $1.00 per Unit. Each Unit includes one Class A common share and half of a common‑share purchase warrant.
• Warrant Terms: Whole warrants allow purchase of one additional common share at an exercise price of US $1.35, exercisable for 24 months; acceleration clause triggers expiry 30 days after a news release if the VWAP exceeds US $2.00 for five consecutive trading days.
• Use of Proceeds: Expected to fund corporate operations and clinical programs through Q3 2027, including Phase III MAVERIC trial and development of CRD‑38.
• Clinical Highlights – ARCHER Trial: Demonstrated a marked reduction in LV mass, the first structural/remodeling improvement evidence in myocarditis patients; data to be presented at a cardiology conference in November 2025.
• Regulatory Status: CardiolRx™ holds Orphan Drug Designation for recurrent pericarditis from the U.S. FDA.
• Future Plans: Pursuing additional orphan‑drug designation for CardiolRx™ in myocarditis; advancing CRD‑38 subcutaneous formulation toward broader heart‑failure market.
• Related‑Party Participation: Insiders participated in the offering; transaction deemed a related‑party transaction under MI 61‑101, exempt from formal valuation and minority‑shareholder approval because fair market value did not exceed 25 % of market cap.

Notable Quotes

“As recruitment in our pivotal Phase III MAVERIC trial gains momentum… we are pleased to have secured a direct investment of US$11.4 million to strengthen our balance sheet and accelerate the development of our novel heart failure drug, CRD‑38,” – David Elsley, President & CEO, Cardiol Therapeutics.

All forward‑looking statements are subject to risks and uncertainties detailed in the release.