Original-Research: Cardiol Therapeutics - von GBC AG

Einstufung von GBC AG zu Cardiol Therapeutics

Unternehmen: Cardiol Therapeutics

ISIN: CA14161Y2006

Anlass der Studie: Research Update

Empfehlung: BUY

Kursziel: 17,49 CAD

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Julien Desrosiers; Felix Haugg

GBC AG to present an investor round table conference call with Cardiol

Therapeutics and will present latest development.

With the completion of the Public Offering, the company will have raised

more than $ 52.4 million in cash. Included is $ 2.4 million from the

warrants' accelerated expiration date of June 4, 2020. On November 2nd, the

company filed a preliminary prospectus, and on November 3rd, the company

announced the pricing. Cardiol Therapeutics announced the closing of its

$50 million public offering less than 24 hours later. This demonstrates the

American markets' appetite for Cardiol Therapeutics and the significance of

their NASDAQ listing. The holder of each share of the offering received a

half warrant for $3.75 until November 5, 2024.

With higher costs due to the expansion of recruitment for their LANCER

study in Brazil, Mexico and Canada, this new influx of cash can allow the

company to run full steam ahead without compromising R&D.

As discussed in our initial coverage report (June 2021), http://www.more-

ir.de/d/22609.pdf, we believe that the LANCER study could produce its first

results in the fourth quarter of 2021 or the first quarter of 2022. The

inclusion of new markets for patients recruitment indicates that the

company is on track to meet their timeline. We believe that with the

additional funds raised, the company could also increase the number of


Cardiol Therapeutics also received approval from Health Canada for its

CardiolRxTM for Acute Myocarditis Phase II Clinical Trial. The approval

comes after the U.S. Food and Drug Administration (FDA) granted clearance

to proceed with Cardiol Therapeutics' Investigational New Drug (IND)

application to begin this trial, as announced by the company on August

24th, 2021. The trial's primary endpoints will be left ventricular function

(ejection fraction and longitudinal strain) and myocardial edema (extra-

cellular volume), both of which have been shown to predict long-term

prognosis in patients with acute myocarditis after 12 weeks of double-blind


The resurgence of the COVID-19 crisis in Europe has boosted the projected

demand for their treatments in development. Finally, because of their

strong cash position, we believe the capital increase has resulted in a

lower company risk. Based on this we reduced BETA in our model, considered

the cash inflow but adjusted for dilution. The different effects balance

each other out. As a result, we maintain our current rating and price


Upcoming Event: GBC AG to present Cardiol Therapeutics Investors round


In light of the above new developments, we are organizing an online

investor presentation on 24.11.2021 15.00h (UTC+1). Here, the CEO of the

company will present the latest developments and be available for questions

via chat function.

Investors and press can register for the call with following link


Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen


Halderstraße 27

86150 Augsburg

0821 / 241133 0


Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:


Date and time of completion of this research: 15/11/2021 (06:00 pm)

Date and time of first distribution: 16/11/2021 (11:00 am)

-übermittelt durch die EQS Group AG.-

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