Cadrenal Therapeutics, Inc. (CVKD) is planning to raise $7 million in an initial public offering (IPO) on Friday, December 16th, IPO Scoop reports. The company will be issuing 1,400,000 shares at $5.00 per share.
Cadrenal Therapeutics, Inc. has a market-cap of $55.6 million.
Boustead Securities and Sutter Securities acted as the underwriters for the IPO.
Cadrenal Therapeutics, Inc. provided the following description of their company for its IPO: "(Note: Cadrenal Therapeutics, Inc. added Sutter Securities as a joint book-runner with Boustead Securities (previously sole book-runner) in an S-1/A filing dated Dec. 8, 2022. Previously: Cadrenal Therapeutics cut the size of its IPO in an S-1/A filing dated Dec. 6, 2022, to 1.4 million shares – down from 2 million shares – at $5.00 each to raise $7.0 million. This downsizing represents a 30 percent cut in the deal's size, in terms of estimated IPO proceeds. The company is offering all 1.4 million shares in the IPO. (**Note: Selling stockholders have registered to offer 1.7 million shares (1,704,783 shares) of common stock to be sold pursuant to a separate resale prospectus. We will not receive any proceeds from the sale of the common stock to be sold by the Selling Stockholders.) We are focused on developing tecarfarin, a novel therapy with orphan drug indication, designed for the prevention of systemic thromboembolism (blood clots) of cardiac origin in patients with end-stage renal disease, or ESRD, and atrial fibrillation (irregular heartbeat), or AFib. We secured the rights to tecarfarin on April 1, 2022, via an asset purchase agreement from HESP LLC, a wholly owned subsidiary of Horizon Technology Finance Corp., which in turn had bought tecarfarin and the other assets of Espero Biopharma, Inc. We intend to complete the clinical development of tecarfarin and seek FDA approval for the drug. We intend to initiate our pivotal Phase 3 clinical trial in the second half of 2023, subject to completion of this offering and funding from additional financings, which we believe will be our remaining pivotal trial based upon the latest feedback that the prior owner of tecarfarin had with FDA in 2019. We have licensed out the rights to tecarfarin for several Asian markets, including China, to Lee's Pharmaceutical Holdings Limited, an integrated research-driven and market-oriented biopharmaceutical publicly listed company based in Hong Kong with over 25 years' experience in the pharmaceutical industry in China. Lee's Pharmaceutical Holdings Limited is developing tecarfarin as an anti-thrombotic for patients with mechanical heart valves. In 2020 and 2021, Lee's Pharmaceutical Holdings Limited completed two Phase 1 studies in China and Hong Kong; the company is currently preparing for its Phase 2 trial. Note: Revenue (zero) and net loss figures are from the date of inception on Jan. 25, 2022, through June 30, 2022. (Note: Cadrenal Therapeutics, Inc. filed its S-1 on Sept. 22, 2022; it submitted a confidential filing on July 15, 2022.) ".
Cadrenal Therapeutics, Inc. was founded in 2022 and has 4 employees. The company is located at 822 A1A North, Suite 320 Ponte Vedra, Florida 32082 and can be reached via phone at (904) 300-0701 or on the web at
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