Cadrenal Therapeutics Announces Exercise of Warrants for $4.7 Million Gross Proceeds

Core Viewpoint - Cadrenal Therapeutics, Inc. has entered into a definitive agreement for the immediate exercise of certain outstanding warrants, allowing the purchase of up to 285,715 shares of common stock at a reduced exercise price of $16.50 per share, down from the original price of $26.25 per share [1][3]. Group 1: Financial Details - The gross proceeds from the exercise of the warrants are expected to be approximately $4.7 million, prior to deducting placement agent fees and estimated offering expenses [4]. - The new Series A-1 and Series A-2 warrants will allow the purchase of the same number of shares at the reduced price and will be immediately exercisable upon issuance [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for the pivotal Phase 3 trial and partnering activities related to the development of tecarfarin [4]. Group 3: Company Overview - Cadrenal Therapeutics is focused on developing tecarfarin, a novel oral and reversible anticoagulant designed for patients with rare medical conditions, particularly those with implanted cardiac devices [7]. - Tecarfarin is expected to have fewer adverse events compared to warfarin, the commonly used anticoagulant, and has received orphan drug designation for specific patient groups [7].