Cadrenal Therapeutics, Inc.

General Information
Business:

(Note: This is an IPO of 2 million shares at $5.00 each. Selling stockholders have registered to offer 1.1 million shares of common stock under a separate resale prospectus. Cadrenal Therapeutics will not receive any proceeds from the sale of common stock 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.)

Industry: Pharmaceutical Preparations
Employees: 4
Founded: 2022
Contact Information
Address 822 A1A North, Suite 320 Ponte Vedra, Florida 32082
Phone Number (904) 300-0701
Web Address http://www.cadrenal.com/
View Prospectus: Cadrenal Therapeutics, Inc.
Financial Information
Market Cap $55.58mil
Revenues $0 mil (last 12 months)
Net Income $-0.68 mil (last 12 months)
IPO Profile
Symbol CVKD
Exchange NASDAQ
Shares (millions): 2.0
Price range $5.00 - $5.00
Est. $ Volume $10.0 mil
Manager / Joint Managers Boustead Securities
CO-Managers
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change