PONTE
VEDRA, Fla., Oct. 24,
2024 /PRNewswire/ -- Cadrenal Therapeutics,
Inc., (Nasdaq: CVKD) (the "Company" or "Cadrenal"), a
late-stage biopharmaceutical company developing tecarfarin, a new
vitamin K antagonist (VKA) designed to offer safer, superior
chronic anticoagulation for patients with implanted cardiac devices
or rare cardiovascular conditions, today announced that is has
raised gross proceeds of approximately $5.1
million through its at-the-market (ATM) facility, selling an
aggregate of 391,243 shares of common stock at a weighted average
price of $13.15 per share.
Following the completion of the sales under the ATM facility, as
of October 23, 2024, Cadrenal has
1,496,771 shares of common stock outstanding and a cash balance of
approximately $7.4 million.
"We are pleased to strengthen our balance sheet by efficiently
using the ATM facility. The net proceeds provide us with added
working capital as we continue developing tecarfarin, prepare for
our pivotal Phase 3 trial, and progress our partnering activities,"
commented Quang X. Pham, Chief
Executive Officer of Cadrenal.
The shares in the ATM facility were sold pursuant to a shelf
registration statement declared effective by the U.S. Securities
and Exchange Commission (SEC) on March 20,
2024.
H.C. Wainwright & Co. acted as the exclusive sales agent for
the ATM facility.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
ABOUT CADRENAL THERAPEUTICS, INC.
Cadrenal
Therapeutics is a late-stage biopharmaceutical company developing
tecarfarin, a new vitamin K antagonist (VKA) designed to offer
safer, superior chronic anticoagulation for patients with implanted
cardiac devices or rare cardiovascular conditions. Tecarfarin is
anticipated to result in fewer adverse events such as strokes,
heart attacks, bleeds and deaths than warfarin, the most commonly
used anticoagulant for these patients despite its prevalent side
effects, drug-to-drug interactions and frequent dosing changes.
Tecarfarin received an orphan drug designation for advanced heart
failure patients with implanted left ventricular assist devices
(LVADs) as well as both orphan drug and fast-track status for
end-stage kidney disease patients with atrial fibrillation.
Cadrenal is planning pivotal clinical trials and pursuing clinical
and commercial partnerships. The Company's plans also include
studying tecarfarin in patients with mechanical heart valves
experiencing anticoagulation difficulties. For more information,
please visit: www.cadrenal.com.
SAFE HARBOR STATEMENT
Any statements contained in this press release about future
expectations, plans, and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
"forward-looking statements." These statements include statements
regarding continuing developing tecarfarin, preparing for the
Company's pivotal trial and progress partnering activities, the
Company's pursuit of clinical and commercial partnerships and the
Company's study of tecarfarin in patients with mechanical heart
valves experiencing anticoagulation difficulties. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would" and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including the Company's ability to continue developing
tecarfarin, preparing for the Company's pivotal trial, the
Company's pursuit of clinical and commercial partnerships and the
Company's study of tecarfarin in patients with mechanical heart
valves experiencing anticoagulation difficulties, and the other
risk factors described in the Company's Annual Report on Form 10-K
for the year ended December 31, 2023,
and the Company's subsequent filings with the SEC, including
subsequent periodic reports on Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Any forward-looking statements
contained in this press release speak only as of the date hereof
and, except as required by federal securities laws, the Company
specifically disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
For more information, please contact:
Cadrenal Therapeutics:
Matthew Szot, CFO
858-337-0766
press@cadrenal.com
Investors:
Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com
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SOURCE Cadrenal Therapeutics, Inc.