Cadrenal Therapeutics, a Phase 3-ready biotech developing an acquired therapy for thrombosis and AFib, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Ponte Vedra, FL-based company now plans to raise $7 million by offering 1.4 million shares at $5. The company had previously filed to offer 2 million shares at the same price. At the revised terms, Cadrenal Therapeutics will raise -30% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.7 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 by Quang Pham 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). Tecarfarin was purchased from venture lending platform Horizon Technology Finance (Nasdaq: HRZN), which had acquired the drug from the Pham's former company, Espero Biopharma. 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. Boustead Securities is the sole bookrunner on the deal.
