PONTE VEDRA, Fla., January 20, 2023 /PRNewswire/ — Cadrenal Therapeutics, Inc., a biopharmaceutical company focused on the development of tecarfarin, a novel clinical-stage orphan drug-designated cardio-renal therapy, today announced its initial public offering of 1,400,000 shares of its common stock announced in a public offering Price from $5.00 per share, generating gross proceeds of $7,000,000 before deducting underwriting discounts and bid costs. In addition, the Company has granted the underwriters a 45-day option to purchase up to 210,000 additional common shares of the Company to cover any over-allotment at the initial issue price less the subscription discount.
Cadrenal Therapeutics, Inc. is a biopharmaceutical company focused on the development of tecarfarin, a novel clinical-stage orphan-designated cardio-renal therapy.
Cadrenal Therapeutics common stock is expected to trade on the Nasdaq Capital Market Friday, January 20, 2023 under the “CVKD” icon. The offer is expected to be closed Tuesday, January 24, 2023subject to customary closing conditions.
Boustead Securities, LLC acted as lead underwriter for the offering.
A registration statement on Form S-1 (File Number 333-267562) relating to these shares was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 19, 2023. The offer is made only by means of a prospectus. A copy of the final prospectus relating to the offering, if available, may be obtained from Boustead Securities, LLC by email at [email protected] or by phone at (949) 502-4408 or by mail at Boustead Securities, LLC , Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, United States of America. In addition, a copy of the definitive prospectus, if available, relating to the offering may be obtained through the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to purchase these securities, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale is pending registration would be unlawful or qualify under the securities laws of any such state or jurisdiction.
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ABOUT CADRENAL THERAPEUTICS, INC.
Cadrenal Therapeutics is focused on the development of tecarfarin, a novel orphan cardio-renal therapy for the prevention of systemic thromboembolism (blood clots) of cardiac origin in patients with end-stage renal disease (ESRD) or ESRD and atrial fibrillation (irregular heartbeat) or AFib. Tecarfarin is an oral anticoagulant vitamin K antagonist that targets a different signaling pathway than the most commonly prescribed drugs used to treat thrombosis and atrial fibrillation. Tecarfarin has been studied in eleven (11) human clinical trials involving more than 1,003 subjects. In Phase 1, Phase 2, and Phase 2/3 clinical trials, tecarfarin was generally well tolerated in both healthy adult subjects and patients with chronic kidney disease (CKD). For more information, visit: www.cadrenal.com.
Safe Harbor Declaration
Statements in this press release regarding future expectations, plans and prospects, and all other statements relating to matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements regarding expected start of trading and closing dates. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “should,” “goal,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results could differ materially from those projected in such forward-looking statements as a result of a number of important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, as well as others detailed in the “Risk Factors” section of the SEC submitted prospectus. Any forward-looking statements contained in this press release speak only as of the date of this release and, except as required by federal securities laws, Cadrenal Therapeutics expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
For underwriter inquiries:
Boustead Securities, LLC
Keith MooreCHAIRMAN
949-502-4408
[email protected]
Adrenal Therapeutics:
Matthew SatCFO
858-337-0766
[email protected]
Investors:
Lytham Partners, LLC
Robert BlümExecutive Partner
602-889-9700
[email protected]
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SOURCE Cadrenal Therapeutics, Inc.
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