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Cadrenal Therapeutics Provides Second Quarter 2023 Corporate Update
PONTE VEDRA, Fla., Aug. 10, 2023 /PRNewswire/ -- Cadrenal Therapeutics, Inc., (Nasdaq: CVKD) a biopharmaceutical company developing tecarfarin, a late-stage
About this update from Cadrenal Therapeutics, Inc.
[{"type":"text","content":"PONTE VEDRA, Fla., Aug. 10, 2023 /PRNewswire/ -- Cadrenal Therapeutics, Inc., (Nasdaq: CVKD) a biopharmaceutical company developing tecarfarin, a late-stage novel oral and reversible anticoagulant (blood thinner) to prevent heart attacks, strokes and deaths due to blood clots in patients with certain rare medical conditions, today provided a corporate update in connection with the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nExpanded focus for tecarfarin development for patients with implanted medical devices such as left ventricular assist devices (LVADs) for heart diseases, an addressable market opportunity of approximately $600 million per year in the U.S.Completed a $7.5 million private placement priced at-the-market under Nasdaq rules at a purchase price of $1.75 per share.Appointed accomplished cardiovascular pharmaceutical executive Robert Lisicki to the board of directors.Q2 2023 operating expenses (excluding non-cash items) totaled $835,000.As of August 14, 2023, cash balances were $9.6 million.\"Over the past few months, it has become increasingly clear that the opportunity for tecarfarin reaches beyond patients with end-stage kidney disease (ESKD) and atrial fibrillation (AFib). A much larger opportunity exists where Vitamin K antagonists (warfarin) are prescribed, yet are unreliable and have failed to achieve sufficient anticoagulation,\" commented Quang Pham, CEO of Cadrenal Therapeutics. \"Based on our clinical data, extensive market research, and insights from key industry experts, we believe implanted medical devices for heart diseases, such as LVADs, could be a potential additional indication for tecarfarin.\"\nThere are estimated to be over 14,000 patients in the U.S. with LVADs who struggle with stable anticoagulation provided by warfarin. Based on Company estimates, this is a potential addressable market opportunity of approximately $600 million per year in the U.S. The direct-acting oral anticoagulants such as Eliquis and Xarelto are not prescribed for these patients. Management estimates that the addressable market opportunity for ESKD and AFib is an additional $1 billion per year in the U.S.\nMr. Pham expanded, \"Tecarfarin is specifically designed to solve warfarin's metabolism problem via the cytochrome p450 pathway. Tecarfa...