Cadrenal Therapeutics Provides Third-Quarter Corporate Update

Cadrenal Therapeutics, a late-stage biopharmaceutical company developing tecarfarin, a novel vitamin K antagonist, recently released its financial information for the fiscal quarter ending on September 30, 2024. The company shared these details in a press release issued on November 7, 2024. The press release highlights various accomplishments and developments in Cadrenal’s operations and partnerships.

In a series of recent achievements, Cadrenal engaged in discussions with the U.S. Food and Drug Administration (FDA) to outline the Phase 3 clinical trial protocol for tecarfarin in left ventricular assist device (LVAD) patients. Concurrently, the company progressed discussions with Abbott regarding a pivotal clinical trial in patients with the Abbott LVAD HeartMate 3, currently the sole LVAD accessible in the U.S.

Furthermore, Cadrenal became a member of the Corporate Council of the Anticoagulation Forum (AC Forum) in October 2024. This collaboration aims to enhance chronic anticoagulation care quality and safety for patients globally by working alongside the AC Forum’s 15,000 healthcare professional members.

In terms of financial achievements, Cadrenal successfully raised around $5.1 million through its at-the-market facility (ATM) on October 24, 2024. In a subsequent move on November 1, 2024, Cadrenal announced the exercise of warrants, generating gross proceeds of approximately $4.7 million. These financial activities bolstered the company’s cash balance to approximately $11.3 million, strengthening its financial position for future operational and clinical development needs.

The third-quarter operating expenses for 2024 amounted to $2.5 million, with $0.3 million attributed to non-cash expenses. During this period, the cash utilized in operating activities totaled $2.2 million. As of November 7, 2024, Cadrenal reported a cash and cash equivalent balance of $11.3 million.

Quang X. Pham, Founder, Chairman, and Chief Executive Officer of Cadrenal Therapeutics, expressed optimism about the company’s progress, emphasizing the positive momentum achieved through various strategic milestones. The recent fundraising activities have fortified operational and clinical development capabilities. Cadrenal continues to advance dialogue with regulatory authorities and partners, thus enhancing its position for the upcoming year.

Tecarfarin, the flagship product under development by Cadrenal, is specifically aimed at providing a safer and more effective anticoagulation solution for patients with implanted cardiac devices or rare cardiovascular conditions. The management believes tecarfarin could potentially address the inadequacies associated with existing treatment options for LVAD patients, making it a significant advancement in the field.

Cadrenal Therapeutics remains focused on evaluating tecarfarin’s superiority over existing medications, with a keen eye on its pivotal Phase 3 trial. Upon approval, tecarfarin has the potential to serve as a groundbreaking anticoagulant, enhancing patient outcomes and addressing critical unmet needs in this patient population.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cadrenal Therapeutics’s 8K filing here.

About Cadrenal Therapeutics

Cadrenal Therapeutics, Inc operates as a clinical development biopharmaceutical company. The company focuses on developing Tecarfarin, a novel oral and reversible anticoagulant to prevent heart attacks, strokes, and deaths due to blood clots in patients with rare cardiovascular conditions requiring chronic anticoagulation, such as patients with left ventricular assist devices, end-stage kidney disease, atrial fibrillation, and thrombotic anti-phospholipid syndrome.