04:19:38 EDT Fri 29 Mar 2024
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Cardiol Therapeutics Inc
Symbol CRDL
Shares Issued 25,877,686
Close 2019-12-02 C$ 4.08
Market Cap C$ 105,580,959
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Cardiol Therapeutics appoints Stott to board

2019-12-03 12:13 ET - News Release

Mr. David Elsley reports

CARDIOL THERAPEUTICS APPOINTS FORMER GW PHARMACEUTICALS EXECUTIVE COLIN STOTT TO ITS BOARD OF DIRECTORS

Cardiol Therapeutics Inc. has appointed Colin Stott to its board of directors, effective immediately. Mr. Stott is the former scientific affairs director, international, and research and development operations director for GW Pharmaceuticals PLC, a world leader in the development of cannabinoid therapeutics and the company which created Epidiolex, the first Food and Drug Administration-approved cannabidiol therapy for use as an orphan drug in rare forms of pediatric epilepsy.

Currently chief operating officer of Alinova Biosciences Ltd, Mr. Stott is a veteran of the pharmaceutical and biotech industries, having almost 30 years of experience in preclinical and clinical development, with specific expertise in the development of cannabinoid-based medicines, and 19 years of experience in the field. As R&D operations director at GW Pharma for over 16 years, Mr. Stott was a key player in the development of their discovery and development pipeline, and was closely involved in the marketing authorization application submission and approval of Sativex and the new drug application submission of Epidiolex, which was approved by the U.S. Food and Drug Administration in June, 2018. More recently, as scientific affairs director, international, he was part of the medical affairs team responsible for the preparation of the international launch of Epidiolex.

"I am pleased to welcome Colin Stott to our board of directors," stated David Elsley, president and chief executive officer of Cardiol Therapeutics. "Mr. Stott brings unparalleled experience in the biopharmaceutical industry, particularly with cannabinoid medicines, regulatory approvals and product launches. Colin's involvement in the successful approval of Epidiolex in the U.S. as an orphan drug will also prove invaluable to Cardiol as we advance our plans to develop CardiolRx pharmaceutical cannabidiol as a potential orphan drug for the treatment of acute myocarditis."

CardiolRx, a 100-millgram-per-millilitre pharmaceutical cannabidiol formulation (the same concentration as Epidiolex) is manufactured under cGMP, is THC-free (less than 10 parts per million), and is designed to be the safest and most consistent high-concentration cannabidiol formulation available. Cardiol plans to commercialize CardiolRx in the $1.2-billion market for medicinal cannabinoids in Canada and believes there is a significant opportunity to develop its pharmaceutical cannabidiol formulation as an orphan drug for the treatment of acute myocarditis, a serious inflammatory condition of the heart that is a major cause of sudden death in children and young adults.

An independent clinical steering committee, comprising eight highly distinguished thought leaders in cardiology from the Cleveland Clinic, the Mayo Clinic, the Houston Methodist DeBakey Heart and Vascular Center, the University of Ottawa Heart Institute, McGill University Health Centre, the University of Pittsburgh Medical Center, and Charite University Medicine Berlin, has been established to design, oversee and guide Cardiol's phase 2 international trial in acute myocarditis.

Terry Lynch has stepped down from the board of directors to accommodate Mr. Stott's appointment. Cardiol would like to take this opportunity to thank Mr. Lynch for his contributions to the company both as a founding shareholder and director. Mr. Lynch has been instrumental in the success and progress of Cardiol since its inception, and he will continue to work closely with the company in a strategic advisory role focused on corporate development.

About Cardiol Therapeutics Inc.

Cardiol Therapeutics is focused on producing pharmaceutical cannabidiol (CBD) products and developing innovative therapies for heart disease, including acute myocarditis and other causes of heart failure.

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