Cardiol Therapeutics Completes US$11.4 Million Private Placement to Fund Clinical Development

Cardiol Therapeutics Inc. closed a US$11.4 million private placement offering of units, extending its cash runway into Q3 2027. The funds will support the Phase III MAVERIC trial investigating CardiolRx™ for recurrent pericarditis (which holds FDA Orphan Drug Designation) and development of CRD-38, a subcutaneous therapy targeting heart failure. Key highlights include promising ARCHER trial results demonstrating reduced left ventricular mass in myocarditis patients, which supports potential expansion into heart failure treatments. The offering involved insider participation under MI 61-101 exemptions, with warrants containing a US$1.35 exercise price and acceleration provisions. This financing enables continued clinical progress toward New Drug Application submission for CardiolRx™ while advancing partnership discussions for CRD-38.