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Cardiol Therapeutics finishes ‘exciting’ 2020 with $14M in cash to advance its pharmaceutical pipeline

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Cardiol Therapeutics Inc (TSE:CRDL) (OTCQX:CRTPF) (FSE:CT9) capped off a busy year with a strengthened cash balance of C$14 million.

The pharmaceutical firm had a busy 4Q, having commercially introduced its THC-free (<10ppm) extra-strength oral cannabidiol formulation Cortalex and completed a Phase 1 study of CardiolRx.

In a statement Thursday morning, CEO David Elsley called 2020 an exciting year for the Oakville, Ontario-based company.

READ: Cardiol Therapeutics gets ‘Speculative Buy’ rating as Leede Jones Gable initiates coverage

“We made extraordinary progress in our research and clinical development programs, while significantly strengthening our financial position,” Elsley told shareholders.

“We are particularly excited about the progress made across our research and development programs supporting the development of CardiolRx, our pharmaceutically produced extra-strength oral formulation of cannabidiol and lead drug candidate for the treatment of acute inflammatory heart disease.”

Busy 2020

The firm received an Investigational New Drug approval from the US Food and Drug Administration for an upcoming Phase II/III study in hospitalized COVID-19 patients with prior history of, or risk factors for cardiovascular disease, a milestone that Elsley said presented a “unique opportunity” to investigate the impact of the cardioprotective properties of CardiolRx.

“We believe successful outcomes from this study will support an emergency use authorization and/or a new drug application and will provide invaluable clinical data with respect to the therapeutic potential of CardiolRx in the treatment of other inflammatory heart diseases, including acute myocarditis and heart failure,” Elsley said.

“Based on the large body of experimental evidence of the anti-inflammatory and cardioprotective properties of cannabidiol in models of cardiovascular disease, we also believe CardiolRx has the potential to offer a breakthrough therapy for acute myocarditis that would be eligible for designation as an orphan drug.”

In October, Cardiol commercially introduced Cortalex, a THC-free (<10ppm) extra-strength cannabidiol formulation through an exclusive supply agreement with Medical Cannabis by Shoppers, a subsidiary of leading Canadian pharmacy chain Shoppers Drug Mart.

Cortalex addresses the growing demand from paediatricians and family physicians for a cannabidiol formulation that does not contain THC, particularly for patients under the age of 25 where THC has been linked to a detrimental impact on brain development, according to the company. It is also a concern in older individuals, who might already have chronic diseases that limit coordination or cognitive function and who also wish to avoid any risk of intoxication.

Major acquisitions signal interest in CBD-based medicines

CEO Elsley also highlighted a couple of significant acquisitions in the pharmaceutical space that show tailwinds for companies like Cardiol who are developing cannabidiol-based medicines.

“I believe the proposed acquisition of GW Pharma for US$7.2 billion in early 2021, together with the 2020 acquisition of MyoKardia for US$13 billion, underscores the potential value proposition for enterprises focused on cannabidiol-based medicines and on the development of new treatments for cardiovascular disease,” Elsley said.

“With a robust research and development pipeline, world-class R&D collaborators, and an experienced management team, we are well positioned to build a leadership position in the development of therapies to address the underlying inflammatory component in heart disease.”

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/945657/cardiol-therapeutics-finishes-exciting-2020-with-14m-in-cash-to-advance-its-pharmaceutical-pipeline-945657.html


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