FULL DISCLOSURE: This is sponsored content for Cardiol Therapeutics.
Cardiol Therapeutics (TSX: CRDL) has seen a series of insider buys made in recent days, which follows the company seeing success under phase two trials announced in November. A group of insiders have been in the market the past week buying shares, including the firms Chief Executive, as well as its Chief Financial Officer.
The buying from insiders started on Monday, when CEO David Elsley acquired a total of 40,000 shares, bringing his total common share position in Cardiol to 1,244,500. The purchase amounted to a total of $75,072.
Buying in the market was then followed by Chief Financial Officer Christopher Waddick, who acquired a total of 25,900 shares at a price of $1.92 each, for a total purchase price of $49,702. He now holds a total of 135,900 shares of the company.
On Tuesday, Chief Operating Officer Bernard Lim joined in on the buying, acquiring 10,000 shares at $1.95 a piece, for a total purchase price of $19,500. Lim’s position now sits at 40,000 common shares.
Director Peter Pekos also increased his ownership in the company and acquired 38,750 shares, paying US$1.29 a share for a total purchase price of US$49,968.
Finally, Chairman of the board Guillermo Torre-Amino increase his ownership in the company and acquired 56,769 shares over the past week, increasing his total number of common shares held to 259,309.
The recent insider buying activity coincides with the release of pivotal data from the Phase II MAvERIC-Pilot clinical trial which concluded in November. The trial outcomes indicated significant improvements for participants, despite the severity of their conditions, showing a marked reduction in both pericarditis pain and C-reactive protein levels, which were sustained over the study period. Furthermore, there was a notable decline in the annual frequency of pericarditis episodes compared to previous records. The treatment not only proved effective but also demonstrated a high safety profile among participants with considerable disease severity. The drug is advancing into further trials, targeting applications in heart disease, particularly for recurrent pericarditis and acute myocarditis.
Findings from the phase II trial are said to support a Phase III trial, which will be designed to assess CardiolRx™ for use by recurrent pericarditis patients following cessation on interleukin-1 blocker therapy.
Cardiol Therapeutics last traded at $1.81 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.
