DariaRen
Anticoagulant drug developer Cadrenal Therapeutics (CVKD) has downsized its proposed initial public offering to $7M from $10M.
Cadrenal said in a filing that it is now planning to offer 1.4M shares at the assumed price of $5 per share, a number that is likely to change. Underwriters would receive a 45-day option to buy up to 210K additional shares.
The biotech company is hoping to list its shares on Nasdaq under the symbol CVKD. Boustead Securities and Sutter Securities are serving as lead bookrunners.
Cadrenal also said that selling stockholders intend to offer 1.7M shares pursuant to a separate prospectus. The company would not receive any proceeds from the sale.
Based in Florida, Cadrenal is developing a compound called tecarfarin for the prevention of blood clots in patients with end-stage kidney disease or atrial fibrillation. The company hopes to begin Phase 3 testing of the product next year.
Cardrenal first filed for an IPO in September, proposing to offer 2M shares priced at $5 per share, which would have raised around $10M.
For a more in-depth look at Cardrenal, check out Donovan Jones’s “Cardrenal Proposes $10M IPO Terms.”
