technical420 on CRDL working with CRO... Further to the news earlier this week on CRO.....
Last week, Cardiol Therapeutics Inc. (TSX: CRDL) (OTCQX: CRTPF) announced a major milestone and we believe the business has reached an inflection point and expect it to be a strong performer in 2021.
Cardiol is a clinical-stage biotechnology company that is focused on the research and clinical development of anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). The company recently gained momentum after it reported to have appointed contract research organization (CRO) Worldwide Clinical Trials as it initiates a Phase II/III clinical trial in high-risk patients that are hospitalized with COVID-19.
The double-blind, placebo-controlled clinical trial will be conducted on 422 hospitalized COVID-19 patients that have a history of, or risk factors for cardiovascular disease. The tests will take place at clinical centers that are located throughout the US and we will monitor how this aspect of the Cardiol story advances.
The study was designed to investigate the efficacy and safety of CardiolRx, a pharmaceutically produced extra strength cannabidiol (CBD) formulation. The patient population that is participating in the study is at significant risk of developing cardiovascular complications, which could prove to be fatal.
Positive data from the study could prove to be massive catalyst for growth for Cardiol and is a key pillar of the long-term opportunity. Currently, we believe the market is discounting the growth prospects that are associated with the opportunity and find Cardiol’s risk-reward profile to be favorable.
We are favorable on the selection of Worldwide as the CRO that is associated with the study due to the track record that is associated with the organization. Worldwide has been the CRO for several international COVID-19 clinical programs and has extensive experience as it relates to conducting clinical research on cardiovascular disease.
Worldwide provides Cardiol with a best-in-class drug development expertise from early phase to late-stage clinical development, post-approval, and real-world evidence studies. The organization provides drug development support services in over 60 countries with offices in North and South America, Europe, and Asia.
Cardiol has a history of selecting strategic partners and we are favorable on this aspect of the story. The study is just the start of a major transformation for Cardiol and is an opportunity to be aware of. The study will also investigate CardiolRx’s influence on key markers of inflammatory heart disease.
Cardiol’s rationale for using CBD to treat patients with COVID-19 is based on reported anti-inflammatory and cardioprotective effects that are expected to prevent COVID-19-related cardiovascular complications. We are favorable on how the management team is approaching the COVID opportunity and will continue to closely follow the story.