Oakville, Ontario--(Newsfile Corp. - March 28, 2019) - Cardiol Therapeutics Inc. (TSX: CRDL) ("Cardiol" or the "Company"), a leader in the research and development of pharmaceutical cannabidiol and targeted therapies for inflammatory disease, today announced the filing of its audited year-end financial statements and management's discussion and analysis for the year ended December 31, 2018. Both are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.cardiolrx.com.
"Cardiol Therapeutics achieved a number of important milestones during 2018 which have positioned the Company to commercialize our proprietary, ultra-pure CardiolRx pharmaceutical cannabidiol (CBD) later this year," stated David Elsley, President and CEO. "We are planning to launch our unique CBD formulation in the billion-dollar, supply constrained, Canadian medicinal cannabinoids market where we see a significant opportunity to introduce a premium pharmaceutical brand. We believe that CardiolRx will represent the purest, safest, and most consistent cannabidiol product in a growing market predominantly supplied by low purity products that do not meet the quality standards physicians, pharmacists and consumers expect from medicine. We are also advancing the development of novel therapeutics targeting inflammatory diseases of the heart which are characterized by high mortality, morbidity, and extraordinary healthcare costs."
Highlights during the 2018 Fiscal Period:
We made significant progress with our CardiolRx pharmaceutical CBD program in preparation for product launch in the billion-dollar Canadian market for medicinal cannabinoids. Key accomplishments included:
We advanced our drug innovation program aimed at developing nanotherapeutics designed to target pharmaceutical cannabidiol and other important medicines at sites of inflammation in the heart. Key accomplishments included:
We made key appointments to our Management Team, Board of Directors, and Scientific Advisory Board, bringing together a wealth of experience and expertise in developing and commercializing novel therapeutics for poorly served areas of medicine. Key appointments included:
We raised gross proceeds of over $28 million to support the manufacturing scale-up and commercial launch of our CardiolRx pharmaceutical cannabidiol products and to advance novel formulations of cannabidiol and other pharmaceuticals designed to target inflammation in poorly served areas of medicine. Key corporate finance accomplishments included:
About Cardiol Therapeutics
Cardiol Therapeutics Inc. is a leader in the research and commercial development of pharmaceutical cannabidiol products and targeted therapies for inflammatory disease. The Company is leveraging its expertise in pharmaceutical cannabinoids to develop: (1) an ultra-pure pharmaceutical cannabidiol (CBD) product for commercialization in the billion dollar market for medicinal cannabinoids in Canada; (2) nanotechnologies designed to deliver cannabinoids and other anti-inflammatory drugs for the treatment of heart failure, a leading cause of death and hospitalization with associated healthcare costs exceeding $30 billion annually in the U.S. alone; and (3) immunotherapeutics in combination with cannabinoids for the treatment of Glioblastoma Multiforme, the most malignant and deadly form of cancer of the central nervous system and a Fast Track eligible Orphan Indication. For further information about Cardiol, please visit the Company's website at www.cardiolrx.com.
For further information, please contact:
David Elsley, President & CEO
905.491.6793
[email protected]
Trevor Burns, Investor Relations
905.491.6791
[email protected]
Cautionary statement regarding forward-looking information:
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: future events; the future performance or the intended business strategy of Cardiol Therapeutics Inc. ("Cardiol"); the potential for Cardiol's licensed drug encapsulation and delivery technologies to enhance the bioavailability of pharmaceuticals; management's expectations regarding estimated future pharmaceutical research and development opportunities, collaborations and prospects; the success and proposed timing of Cardiol's product development activities, including, but not limited to, the proposed timeline of Cardiol's product candidate pipeline for commercial introduction; the ability of Cardiol to develop its product candidates; Cardiol's plans to research, discover, evaluate and develop additional products; Cardiol's proposed future collaborations to advance Cardiol's lead nanoformulations into clinical development; and the potential for Cardiol's cannabinoid-based products to provide sources of future revenue. All statements, other than statements of historical fact that address activities, events or developments that Cardiol believes, expects or anticipates will, may, could or might occur in the future are "forward-looking information". Forward-looking information is frequently identified by the use of words such as "plans", "expects", "projects", "intends", "believes", "anticipates", "forecasts", and other similar words and phrases, including variations (and negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or conditions "may", "could", "should", "would", or "will" be taken, occur or be achieved. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties and other factors include that the success of Cardiol's product candidates will require significant capital resources and years of clinical development efforts; the results of clinical testing and trial activities of Cardiol's products; Cardiol's ability to obtain regulatory approval and market acceptance of its products; Cardiol's ability to raise capital and the availability of future financing; Cardiol's lack of operating history; unforeseeable deficiencies in the development of Cardiol's product candidates; uncertainties relating to the availability and costs of financing needed in the future for Cardiol's research and development initiatives; Cardiol's ability to manage its research, development, growth and operating expenses; the potential failure of clinical trials to demonstrate acceptable levels of safety and efficacy of Cardiol's product candidates; Cardiol's ability to retain key management and other personnel; risks related to fluctuations in medicinal cannabinoid markets in Canada and worldwide; uncertainties regarding Cardiol's ongoing collaborative and manufacturing partnerships; uncertainties regarding results of researching and developing products for human use; Cardiol competes in a highly competitive and evolving industry; Cardiol's ability to obtain and maintain current and future intellectual property protection; and other risks and uncertainties and factors. These risks, uncertainties and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events or results or otherwise. Although Cardiol believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks, and uncertainties and are not (and should not be considered to be) guarantees of future performance. It is important that each person reviewing this news release understands the significant risks attendant to the operations of Cardiol.
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