#Canada #Toronto #Cardiol Therapeutics #Jefferies LLC #CRDL

Cardiol Therapeutics Initiates $75 Million At-The-Market Program

Cardiol Therapeutics Inc., listed on both NASDAQ and the Toronto Stock Exchange under the ticker CRDL, is making significant strides in the field of life sciences as it announces a new equity offering program. This initiative, in collaboration with Jefferies LLC, allows for the potential sale of up to $75 million in common shares through what is known as an at-the-market (ATM) program.

Understanding the ATM Offering

The ATM program provides Cardiol with the flexibility to offer and sell its shares directly to the public at times and in amounts deemed appropriate, based on prevailing market conditions. The sale of these shares will occur on the Nasdaq Capital Market, at market prices, thereby enabling the company to raise capital efficiently. Notably, the offering will not involve any sales on the Toronto Stock Exchange or within Canada.

The main objective of initiating this program is to secure funds to advance Cardiol's flagship product, CardiolRx™, aimed at treating recurrent pericarditis. This move comes as the company gears up for critical Phase III MAVERIC trial outcomes, which are pivotal for a prospective New Drug Application (NDA). Additional proceeds will also support the clinical development of CRD-38 and cover general administrative expenses as well as working capital needs.

Strategic Timing and Proceeds Utilization

While the maximum gross proceeds from the offering could reach $75 million, it is important to note that Cardiol has no obligation to utilize the entire amount or even to sell any shares under this program. The discretion on timing and extent of utilization lies entirely with the company. This flexibility is designed to ensure that Cardiol can effectively manage its capital structure in alignment with its operational needs and market conditions.

The ATM program is expected to be in effect until one of several defined conditions is met: all Offered Shares are sold, the program is terminated, or the Canadian base prospectus expires.

Regulatory and Compliance Aspects

This offering follows the company's robust compliance framework, including the filing of a prospectus supplement that details the program. The Supplement was filed concurrently with the Canadian final base shelf prospectus and the U.S. final base shelf prospectus, establishing a clear regulatory pathway for potential investors. Interested parties can access these documents through the respective regulatory sites or directly via the contact information provided in the announcement.

Both the Toronto Stock Exchange and Nasdaq have been duly notified of the launch of this ATM program, which adds another layer of transparency and regulatory compliance to the offering.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. is a late-stage life sciences company dedicated to developing advanced therapies specifically targeting inflammatory conditions related to heart diseases. With a growing portfolio, the company is strategically positioned to address the immediate needs of patients suffering from such chronic conditions with innovative therapeutic solutions.

Investors are encouraged to stay informed about the developments of Cardiol Therapeutics and the forthcoming results of the MAVERIC trial, as these will significantly influence the company's trajectory and market standing in the highly competitive landscape of medical innovations.