Toronto, Ontario - Cardiol Therapeutics Inc. (NASDAQ: NASDAQ:CRDL) (TSX: CRDL) announced the completion of patient enrollment for its Phase II MAvERIC-Pilot study, which examines the effects of CardiolRx™ on recurrent pericarditis. The company expects to report the study's topline results in the second quarter of 2024.
The MAvERIC-Pilot study, which has now enrolled 25 patients in the United States, aims to evaluate the safety, tolerability, and efficacy of CardiolRx™. The primary efficacy endpoint is the change in patient-reported pericarditis pain over an 8-week period, using an 11-point numeric rating scale. Secondary endpoints include pain scores at 26 weeks and changes in levels of C-reactive protein, an inflammation marker.
Recurrent pericarditis, characterized by inflammation of the sac surrounding the heart, can cause chest pain, shortness of breath, and fatigue, significantly affecting patients' quality of life. The condition often leads to emergency department visits and hospitalizations, with hospital stays ranging from 6-8 days and costs between $20,000 and $30,000 in the United States. Despite the availability of FDA-approved treatments, many patients continue to suffer from recurrences.
Chief Medical Officer Andrew Hamer expressed gratitude to clinical collaborators and participants for their role in advancing the understanding of CardiolRx™ in treating this debilitating disease. The company's efforts are also supported by the recent Orphan Drug Designation granted by the FDA for CardiolRx™.
In addition to the MAvERIC-Pilot study, Cardiol is conducting a Phase II trial for acute myocarditis and developing a subcutaneous formulation of cannabidiol for heart failure treatment.
The information in this article is based on a press release statement from Cardiol Therapeutics.
InvestingPro Insights
Cardiol Therapeutics Inc. (NASDAQ: CRDL) has recently completed an important milestone with the enrollment of patients for its Phase II MAvERIC-Pilot study. As investors consider the potential impact of the study's outcomes on the company's future, certain financial metrics and projections from InvestingPro are worth noting.
InvestingPro Data indicates that Cardiol Therapeutics holds a market capitalization of $108.66 million USD. Despite the lack of profitability in the last twelve months, with an adjusted P/E ratio of -5.24, the company has experienced a significant return over the last year, with a 1 Year Price Total Return of 212.09%. This performance may capture investor attention, considering the strong return over various time frames, including a 98.76% return over the last three months.
Among the notable InvestingPro Tips, Cardiol Therapeutics is said to hold more cash than debt on its balance sheet, which could provide a cushion for ongoing research and development activities. Furthermore, analysts project that the company will be profitable this year, which could be a turning point for investors looking for growth potential. However, it's important to consider that the company is quickly burning through cash, which highlights the importance of efficient capital management moving forward.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available, including insights on the company's gross profit margins, liquidity, and the relative strength index (RSI) suggesting the stock is in overbought territory. To explore these insights further, investors can visit https://www.investing.com/pro/CRDL and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 14 more InvestingPro Tips available, investors can gain a deeper understanding of Cardiol Therapeutics' financial health and market position.
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