Ponte Vedra-based biopharmaceutical Cadrenal Therapeutics is set to close on a $7.5 million offering today.
Cadrenal [NASDAQ: CVKD] said it entered into a securities purchase agreement with undisclosed institutional investors for a private placement of 4.3 million shares at $1.75 a share as well as issuing unregistered warrants for 4.3 million additional shares at the same price.
Cadrenal "intends to use the net proceeds from the offering for working capital purposes," according to the statement.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
CEO and founder Quang Pham took the biopharmaceutical company public earlier this year. Cadrenal is focused on developing tecarfarin, a drug that will be aims to prevent blood clots in people who have end-stage renal disease and atrial fibrillation, or irregular heart beats.
The drug being developed by Cadrenal is an oral anti-coagulant that Pham has previously said could replace warfarin as a standard medication. The FDA considers tecarfarin an orphan drug, which means the company qualifies for certain tax credits and other incentives to help bring it to market. It has also received fast track designation, which speeds up the process of getting a drug approved.
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