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Cadrenal Therapeutics Provides First Quarter 2023 Corporate Update
PONTE VEDRA, Fla., May 10, 2023 /PRNewswire/ -- Cadrenal Therapeutics, Inc., (Nasdaq: CVKD) a biopharmaceutical company focused on developing tecarfarin, a
About this update from Cadrenal Therapeutics, Inc.
[{"type":"text","content":"PONTE VEDRA, Fla., May 10, 2023 /PRNewswire/ -- Cadrenal Therapeutics, Inc., (Nasdaq: CVKD) a biopharmaceutical company focused on developing tecarfarin, a late-stage novel cardiorenal therapy with orphan drug and Fast Track designations, today provided a corporate update in connection with today's filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nIn January 2023, U.S. Food and Drug Administration (\"FDA\") granted Fast Track designation for tecarfarin for the prevention of systemic thromboembolism of cardiac origin in patients with end-stage renal disease and atrial fibrillation.In January 2023, successfully completed its initial public offering on Nasdaq, raising $7.0 million in gross proceeds.Formed Scientific Advisory Board (SAB) in support of the development of tecarfarin for the prevention of systemic thromboembolism.Rang the Nasdaq closing bell on February 8, 2023.Q1 2023 operating expenses (excluding non-cash items) totaled $913,653.As of March 31, 2023, cash balances were $4.0 million. The Company believes it has sufficient capital to fund operations through Q2 2024.\"The first quarter of 2023 was one of tremendous progress for Cadrenal following the receipt of Fast Track designation for tecarfarin, and the completion of our initial public offering,\" commented Quang Pham, CEO of Cadrenal Therapeutics. \"We are following the FDA's guidance, including the granting of an orphan drug designation, as well as that of industry-leading cardiologists and nephrologists, to pursue approval for tecarfarin in patients with end-stage renal disease and AFib to meet the widely acknowledged lack of effective treatment options for this patient population. We believe the successful completion of our planned Phase 3 trial will be the final step before submitting our New Drug Application for approval review. We look forward to working closely with the FDA to evaluate this therapy as a potential new treatment option.\"\nTecarfarin \nTecarfarin, which has been granted orphan drug and Fast Track designations by the U.S. FDA, for the prevention of systemic thromboembolism (blood clots) of cardiac origin in patients with end-stage renal disease (ESRD) and atrial fibrillation (AFib), is a Vitamin K antagonist oral anticoagulant designed to target a different pathway tha...