Cardiol Therapeutics Secures $13.5 Million Bought Deal Financing to Advance Heart Disease Programs

Cardiol Therapeutics ( (TSE:CRDL) ) has shared an update.

Cardiol Therapeutics has entered into a bought deal agreement with Canaccord Genuity Corp. for a private placement of 10,384,616 units at $1.30 per unit, raising gross proceeds of $13.5 million, with an option for the underwriter to purchase up to an additional 10% of the units. Each unit comprises one common share and one-half warrant, with full warrants exercisable at $1.75 for 24 months, and the company plans to direct the net proceeds toward advancing its research and clinical development programs, as well as general corporate purposes, reinforcing its funding base ahead of key milestones while broadening its investor access through a LIFE-qualified Canadian offering and select international placements.

The most recent analyst rating on (TSE:CRDL) stock is a Sell with a C$1.50 price target. To see the full list of analyst forecasts on Cardiol Therapeutics stock, see the TSE:CRDL Stock Forecast page.

Spark’s Take on TSE:CRDL Stock

According to Spark, TipRanks’ AI Analyst, TSE:CRDL is a Neutral.

The score is primarily held back by weak financial performance (ongoing losses and cash burn with equity erosion) and bearish technicals (below key moving averages with negative MACD). Positive corporate events (trial progress and financing extending runway) provide some offset, while valuation remains constrained by negative earnings and no dividend.

To see Spark’s full report on TSE:CRDL stock, click here.

More about Cardiol Therapeutics

Cardiol Therapeutics Inc. is a late-stage life sciences company specializing in the development of anti-inflammatory and anti-fibrotic therapies for heart disease, with its shares listed on both the NASDAQ and TSX under the symbol CRDL.

Average Trading Volume: 109,420

Technical Sentiment Signal: Sell

Current Market Cap: C$137M

For a thorough assessment of CRDL stock, go to TipRanks’ Stock Analysis page.