On October 11, 2024, a clinical-stage life sciences company based in Oakville, Ontario announced the successful completion of a public offering of Common Shares. The company, focused on developing anti-inflammatory and anti-fibrotic therapies for heart disease treatment, raised a total of US$15,525,000 through the sale of 9,703,125 Common Shares at an Offering Price of US$1.60 per share.
Canaccord Genuity, acting as the sole bookrunner, purchased an additional 1,265,625 Common Shares at the Offering Price, exercising the Over-Allotment Option in full. This resulted in gross proceeds of $2,025,000 for the company.
The net proceeds from the Offering will be allocated towards supporting the clinical development of CardiolRx for the treatment of recurrent pericarditis, as well as for general operational expenses.
The Offering was conducted in compliance with a U.S. registration statement and the company’s existing Canadian short form base shelf prospectus. Detailed information about the Offering can be found in the prospectus supplement available on SEDAR and EDGAR platforms.
Investors are advised to exercise caution and conduct thorough due diligence before relying on forward-looking information provided in the news release. The company disclaims any obligation to update or revise such information.
For more details, the source version of the press release can be accessed through the provided link.
