Cardiol’s Pending Phase II/III COVID-19 Trial Medically Justified and Even More Timely

Leede Jones Gable has initiated coverage on Cardiol Therapeutics Inc. (TSX:CRDL,OTCQX:CRTPF) and reported that it is medically justified for Cardiol to advance its program and to fund its Phase II/III CardiolRx trial within the next few quarters. 

The recently published report on cardiovascular and inflammatory disease-focused cannabidiol developer Cardiol Therapeutics Inc. (TSX:CRDL,OTCQX:CRTPF) stated that CardiolRx is demonstrating strong cardiovascular active pharmacology with studies showing sufficient preclinical evidence to justify Cardiol’s eventual clinical programs.

“The bidirectional relationship between COVID-19 infection and cardiovascular disease is already well established and we believe it is medically justified for Cardiol to advance on this program and to preferentially fund this trial to data within the next few quarters,” said Leede Managing Director and Analyst Douglas W. Loe and Research Associate Siew Ching Yeo.

The Leede Jones Gable coverage indicated a Speculative Buy rating and with 180% projected return in consideration of CardiolRx sales into inflammatory heart disease markets, including diastolic heart failure and acute myocarditis. The drug is also expected to address the acute inflammatory response to COVID-19  infection in patients with either co-presenting or prior history of cardiovascular disease.

On September 24, 2020, Cardiol announced that the U.S. Food and Drug Administration (FDA) approved the Company’s Investigational New Drug (IND) application to commence a Phase II/III, double-blind, a placebo-controlled clinical trial investigating the efficacy and safety of CardiolRx™, a pharmaceutically produced extra-strength cannabidiol formulation, in 422 hospitalized COVID-19 patients with a prior history of, or risk factors for, cardiovascular disease (CVD). The trial will take place at major centers in the United States, where the prevalence of COVID-19 remains high.

Read the full report here.