Cadrenal Therapeutics, a Phase 3-ready biotech developing an acquired therapy for thrombosis and AFib, raised $7 million by offering 1.4 million shares at $5, as expected. The company originally planned to offer 2 million shares before lowering the proposed offering in December.
Selling shareholders concurrently registered 1.7 million shares via a separate resale prospectus, which may be offered and sold from time to time.
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 plans to list on the Nasdaq under the symbol CVKD. Boustead Securities acted as sole bookrunner on the deal.
