Cadrenal Therapeutics Raises $5.1 Million via At-The-Market Facility

Core Viewpoint - Cadrenal Therapeutics has successfully raised approximately $5.1 million through its at-the-market facility to support the development of tecarfarin, a new vitamin K antagonist aimed at improving chronic anticoagulation for patients with specific cardiovascular conditions [1][2]. Financial Summary - The company sold 391,243 shares of common stock at a weighted average price of $13.15 per share [1]. - As of October 23, 2024, Cadrenal has 1,496,771 shares of common stock outstanding and a cash balance of approximately $7.4 million [1]. Company Overview - Cadrenal Therapeutics is a late-stage biopharmaceutical company focused on developing tecarfarin, which is designed to provide safer chronic anticoagulation for patients with implanted cardiac devices or rare cardiovascular conditions [3]. - Tecarfarin is expected to result in fewer adverse events compared to warfarin, the commonly used anticoagulant, which has significant side effects and drug interactions [3]. - The drug has received orphan drug designation for advanced heart failure patients with implanted left ventricular assist devices (LVADs) and both orphan drug and fast-track status for end-stage kidney disease patients with atrial fibrillation [3]. - The company is planning pivotal clinical trials and is pursuing clinical and commercial partnerships, including studying tecarfarin in patients with mechanical heart valves [3].