Cadrenal Therapeutics, a Phase 3-ready biotech developing an acquired treatment for thrombosis and AFib, filed on Thursday with the SEC to raise up to $10 million in an initial public offering.
The Ponte Vedra, FL-based company plans to raise $10 million by offering 2 million shares at $5. At the proposed price, Cadrenal Therapeutics would command a fully diluted market cap of $60 million.
Concurrently, selling shareholders have registered 1.1 million shares, which may be offered and sold from time to time pursuant to the separate resale prospectus.
Cadrenal Therapeutics was formed earlier this year to secure the rights to tecarfarin, a novel therapy with orphan drug designation designed for the prevention of systemic thromboembolism of cardiac origin in patients with end-stage renal disease and atrial fibrillation (AFib). Cadrenal is working on submitting a design for a Phase 3 trial which, should it be approved by the FDA, will commence in the 2H23.
Cadrenal Therapeutics was founded in 2022 and plans to list on the Nasdaq under the symbol CVKD. The company filed confidentially on July 15, 2022. Boustead Securities is the sole bookrunner on the deal.
