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TORONTO - Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL), a clinical-stage life sciences company with a strong balance sheet showing more cash than debt, announced the nomination of Dr. Timothy J. Garnett, a former Chief Medical Officer of Eli Lilly with over 30 years of pharmaceutical industry experience, for election to its Board of Directors. The election is set to take place at the company’s Annual General Meeting on May 28, 2025.
Dr. Garnett’s extensive background includes leading the development of several therapeutics at Eli Lilly in areas such as women’s health, endocrinology, and neuroscience, which led to multiple global product launches. His expertise spans clinical development, portfolio management, medical affairs, regulatory strategy, and safety functions. According to InvestingPro data, CRDL’s stock has shown resilience with an 8.6% return over the past week, despite a challenging six-month period.
Guillermo Torre-Amione, M.D., Ph.D., Chair of Cardiol Therapeutics, expressed confidence in Dr. Garnett’s ability to contribute to the company’s strategic vision, especially in light of the recent initiation of patient enrollment in the Phase III MAVERIC trial for their lead drug candidate, CardiolRx™.
CardiolRx™, a cannabidiol oral solution, is under clinical development for heart disease treatment and has received Investigational New Drug Application authorization from the US FDA for two heart-related conditions: recurrent pericarditis and acute myocarditis. The company is also working on CRD-38, a novel drug formulation aimed at treating heart failure. With a current ratio of 4.52, the company maintains strong liquidity to support its development programs, though InvestingPro analysis indicates rapid cash utilization in its research efforts. Discover 5 more exclusive ProTips and detailed financial metrics with an InvestingPro subscription.
Dr. Garnett currently holds positions as Chair of Ophirex, Director of MapLight Therapeutics, and is a member of the Advisory Panel of Cambridge Innovation Capital. He is also an equity partner at Recode Health Ventures LLC.
Cardiol Therapeutics focuses on developing therapies for heart disease, particularly anti-inflammatory and anti-fibrotic treatments. With a market capitalization of $88.45 million and minimal debt-to-equity ratio of 0.01, the company maintains a solid financial foundation for its research initiatives. The company’s efforts are significant as heart disease remains a leading cause of death globally, with substantial healthcare costs associated with its management.
The information for this article is based on a press release statement from Cardiol Therapeutics.
In other recent news, Cardiol Therapeutics Inc. has initiated a Phase III trial for its lead drug candidate, CardiolRx™, aimed at preventing recurrent pericarditis. This pivotal trial follows positive outcomes from a Phase II study, which showed significant reductions in pericarditis pain and inflammation. The study is designed to assess the drug’s efficacy in maintaining freedom from new episodes of pericarditis over a 24-week period. Additionally, Cardiol Therapeutics has completed patient enrollment for the ARCHER Phase II study, which evaluates CardiolRx™ for acute myocarditis, with top-line data expected later this quarter.
The U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for treating pericarditis, offering potential benefits like tax credits and market exclusivity. Meanwhile, H.C. Wainwright has maintained a Buy rating on Cardiol Therapeutics, with a price target of $9.00, citing confidence in the company’s clinical trials and future prospects. Cardiol Therapeutics is also advancing CRD-38, a subcutaneous formulation of cannabidiol for heart failure, which has shown promise in improving cardiac function. These developments underscore Cardiol Therapeutics’ commitment to advancing treatments for heart diseases.
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