Cardiol Therapeutics (TSX: CRDL) has seen significant insider buying activity following the announcement of positive results from its Phase II MAvERIC-Pilot clinical trial in November. Key executives and board members have increased their investment in the company, reflecting confidence in the potential of CardiolRx™ for treating recurrent pericarditis and acute myocarditis.
Insider Transactions
CEO David Elsley initiated the buying spree, acquiring 40,000 shares for $75,072, bringing his total holdings to 1,244,500 shares. CFO Christopher Waddick followed suit, purchasing 25,900 shares at $1.92 each, totaling $49,702, and increasing his stake to 135,900 shares. COO Bernard Lim acquired 10,000 shares at $1.95 apiece, amounting to $19,500, while Director Peter Pekos added 38,750 shares at US$1.29 each, for a total of US$49,968. Chairman Guillermo Torre-Amino acquired 56,769 shares, bringing his total to 259,309.
MAvERIC-Pilot Trial Results
The insider buying coincides with the release of pivotal data from the Phase II MAvERIC-Pilot clinical trial. The trial demonstrated significant improvements in patients with pericarditis, marked by a reduction in both pericarditis pain and C-reactive protein levels. These improvements were sustained throughout the study period. Furthermore, the trial showed a notable decline in the annual frequency of pericarditis episodes compared to previous records. The treatment also exhibited a high safety profile among participants with considerable disease severity.
Advancing to Phase III
The positive Phase II results are expected to support the design of a Phase III trial to assess CardiolRx™ for use in recurrent pericarditis patients following cessation of interleukin-1 blocker therapy. This next phase aims to further validate the efficacy and safety of CardiolRx™ in a larger patient population.
Cardiol Therapeutics last traded at $1.81 on the TSX.
