Cardiol Therapeutics Inc (TSE:CRDL) (OTCQX:CRTPF) (FSE:CT9) announced Tuesday that it has submitted an application to uplist its shares to the tech-laden Nasdaq stock exchange in the US.
In a statement, CEO David Elsley told investors that the firm sees it an “opportune time” for Cardiol to formally apply for an uplisting.
“We believe a Nasdaq listing will provide an ideal platform on which to build a leadership position in the treatment of inflammatory heart disease while elevating the company’s profile within the investment community,” Elsley said.
READ: Cardiol Therapeutics forms two new committees for its Phase II/III trial of CardiolRx in COVID-19 patients
The biotechnology firm also revealed that it had received proceeds of over $10 million from the exercise of warrants and stock options. Proceeds from the warrants and options will strengthen the firm’s balance sheet at a time when it is about to embark on a Phase II/III clinical trial program in the US. The trial is designed to investigate the cardioprotective properties of its lead drug candidate CardiolRx in 422 hospitalized COVID-19 patients with a prior history of, or risk factors for, cardiovascular disease.
CardiolRx is an ultra-pure, extra-strength cannabidiol oral formulation that is pharmaceutically produced, manufactured under cGMP, and THC-free (less than 10 ppm).
The Phase II/III trial “potentially positions the company to report on the impact of our lead drug candidate on reducing major cardiovascular outcomes during 2021,” Elsley added.
Cardiol cautioned that its listing is subject to the approval of the Nasdaq and the satisfaction of all applicable listing criteria and requirements.
If the Nasdaq listing occurs, the company’s shares would delist from the OTCQX exchange. Cardiol plans to maintain its current listing on the Toronto Stock Exchange.
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Story by ProactiveInvestors
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