FULL DISCLOSURE: This is sponsored content for Cardiol Therapeutics.
Cardiol Therapeutics (TSX: CRDL) (NASDAQ: CRDL) has published its year end update for 2024, outlining significant progress the company has made on its drug development pipeline over the course of the prior twelve months.
“Cardiol Therapeutics achieved significant milestones during 2024 which have supported advancing CardiolRx into the Phase III MAVERIC trial in recurrent pericarditis – a debilitating heart disease that remains underserved by available medicine,” commented Cardiol CEO David Elsley.
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Key to the report is the company’s current cash position, which sits at $30.6 million as of the end of December 2024, following a US$15.5 million financing conducted by the company in October. The figure implies that Cardiol is fully funded through the first half of 2026, with current projections suggesting that the company is funded to complete its milestones through to the third quarter of next year.
Cardiol’s current outlook includes a number of achievements that it intends to accomplish over the next twelve to eighteen months, including the enrollment of the first patient in a Phase III MAVERIC clinical trial, the reporting of topline data from the Phase II ARCHER trial, and the advancement of IND-enabling work required to support the clinical development of CRD-38 for heart failure.
READ: Cardiol To Advance CardiolRx To Phase III Trial Following Positive Results
The Phase III MAVERIC clinical trial, which is expected to have 50% enrollment by the second half of this year, and full enrollment in the first half of 2026, follows a successful Phase II 26 week study conducted in 2024. The Phase II study demonstrated that the use of CardiolRx™ in patients for the treatment of recurrent pericarditis resulted in rapid and durable reductions in pericarditis pain and inflammation, with the reductions maintained for the duration of a six month study. CardiolRx™ was also shown to reduce the number of pericarditis episodes experienced each year by patients, with the treatment safe and well tolerated.
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The Phase III MAVERIC trial is expected to involve 110 patients at high risk for recurrent pericarditis, with those patients to be enrolled at twenty clinical sites across the US and Europe. The primary objective of the study is to assess the impact of the drug versus a placebo on the freedom from a new episode of recurrent pericarditis. The trials follow CardiolRx™ receiving orphan drug designation from the US FDA for the treatment of pericarditis, including recurrent pericarditis, in February of last year.
In terms of the Phase II ARCHER clinical trial, data is expected to be received on the impact of CardiolRx™ on myocardial recovery within patients that suffer from acute myocarditis. The study is also expected to provide results on the anti-fibrotic and anti-inflammatory effects of the drug. Patient enrollment under the Phase II trial was completed in September, with over 100 patients enrolled across 34 clinical sites in five countries. Results from the trial are expected to be provided in the second quarter of this year.
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Finally, in terms of CRD-38, Cardiol’s pre-clinical development drug, a study released in February demonstrated that pharmaceutically manufactured cannabidiol, when administered subcutaneously, protects the muscle cells of the heart (cardiomyocytes), and preserves mitochondrial function. As a result, Cardiol intends to advance the investigational new drug-enabling work that is required to support the clinical development of CRD-39 for the treatment of heart failure.
“With operations funded into the second half of 2026, we remain committed to advancing our late-stage clinical development pipeline in pericarditis and myocarditis, and to progressing the IND-enabling program to support the clinical development of CRD-38 for heart failure. We would like to express our sincere gratitude to our clinical collaborators and patients whose support has enabled our progress,” continued Elsley.
Cardiol Therapeutics last traded at $1.35 on the TSX.
FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
