PONTE VEDRA, Fla.,
Nov. 1,
2024 /PRNewswire/ -- Cadrenal Therapeutics, Inc.,
("Cadrenal" or the "Company") (Nasdaq: CVKD), a biopharmaceutical
company developing tecarfarin, a late-stage novel oral and
reversible anticoagulant (blood thinner) for certain rare medical
conditions, today announced the entry into a definitive agreement
for the immediate exercise of certain outstanding warrants to
purchase up to an aggregate of 285,715 shares of common stock of
the originally issued in July 2023,
having an exercise price of $26.25
per share, at a reduced exercise price of $16.50 per share. The shares of common stock
issuable upon exercise of the warrants are registered pursuant to
an effective post-effective amendment no. 1 to registration
statement on Form S-1 on Form S-3 (No. 333-273384). The offering is
expected to close on or about November 4,
2024, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
In consideration for the immediate exercise of the warrants for
cash, the Company will issue new unregistered Series A-1 warrants
to purchase up to 285,715 shares of common stock and new
unregistered Series A-2 warrants to purchase up to 285,715 shares
of common stock. The new warrants will have an exercise price of
$16.50 per share and will be
immediately exercisable upon issuance. The Series A-1 warrants will
have a term of five years from the issuance date and the Series A-2
warrants will have a term of eighteen months from the effective
date of the Resale Registration Statement (as defined below).
The gross proceeds to the Company from the exercise of the
warrants are expected to be approximately $4.7 million, prior to deducting placement agent
fees and estimated offering expenses. The Company intends to use
the net proceeds from the offering for its pivotal Phase 3 trial
and partnering activities.
The new warrants described above were offered in a private
placement pursuant to an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended (the "1933
Act") and, along with the shares of common stock issuable upon
their exercise, have not been registered under the 1933 Act, and
may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission (the "SEC") or an applicable exemption from such
registration requirements. The Company has agreed to file a
registration statement (the "Resale Registration Statement") with
the SEC covering the resale of the shares of common stock issuable
upon exercise of the new warrants.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Cadrenal Therapeutics, Inc.
Cadrenal Therapeutics is a late-stage biopharmaceutical company
developing tecarfarin, a new vitamin K antagonist (VKA) designed to
offer safer, superior chronic anticoagulation for patients with
implanted cardiac devices or rare cardiovascular conditions.
Tecarfarin is anticipated to result in fewer adverse events such as
strokes, heart attacks, bleeds and deaths than warfarin, the most
commonly used anticoagulant for these patients despite its
prevalent side effects, drug-to-drug interactions and frequent
dosing changes. Tecarfarin received an orphan drug designation for
advanced heart failure patients with implanted left ventricular
assist devices (LVADs) as well as both orphan drug and fast-track
status for end-stage kidney disease patients with atrial
fibrillation. Cadrenal is planning pivotal clinical trials and
pursuing clinical and commercial partnerships. The Company's plans
also include studying tecarfarin in patients with mechanical heart
valves experiencing anticoagulation difficulties. For more
information, please visit: www.cadrenal.com.
Safe Harbor Statement
Any statements contained in this press release about future
expectations, plans, and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
"forward-looking statements." These statements include statements
regarding the expected closing of the transaction and the intended
use of proceeds. The words "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "target," "will,"
"would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including the
uncertainties related to market conditions and the completion of
the offering on the anticipated terms or at all, the Company's
anticipated use of proceeds, the Company's ability to complete its
planned Phase 3 trial on time and achieve desired results and
benefits as expected, and the risk factors described in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2023, and the Company's
subsequent filings with the SEC, including subsequent periodic
reports on Forms 10-Q and 8-K. Any forward-looking statements
contained in this press release speak only as of the date hereof
and, except as required by federal securities laws, Cadrenal
Therapeutics specifically disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Contact
For more information, please contact:
Cadrenal Therapeutics:
Matthew Szot, CFO
858-337-0766
press@cadrenal.com
Investors:
Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com
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SOURCE Cadrenal Therapeutics, Inc.
