Anticoagulant drug developer Cardrenal Therapeutics (CVKD) has filed for a proposed $10M initial public offering.
Cardrenal said in a filing that it considering offering 2M shares at the assumed price of $5 per share, which would raise $10M. Underwriters would be granted a 45-day option to buy up to 300K additional shares. Boustead Securities is serving as lead bookrunner.
The biotech company hopes to list its shares on Nasdaq under the symbol CVKD. Selling shareholders will be offering an additional 1M shares. Cardrenal would not receive any proceeds from the sale of the stockholder shares.
Based in Florida, Cardrenal has been developing the drug tecarfarin for the prevention of cardiac-origin blood clots in patients with end-stage renal failure or atrial fibrillation, also known as irregular heartbeat. The company plans to initiate a pivotal Phase 3 clinical trial for the product in 2023.
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