Cadrenal Therapeutics Secures $4.7 Million Through Warrant Exercise

PONTE VEDRA, Fla., Nov. 1, 2024 /PRNewswire/ — Cadrenal Therapeutics, Inc. (“Cadrenal” or the “Company”) CVKD, a biopharmaceutical firm advancing tecarfarin, a late-stage oral anticoagulant for specific rare medical conditions, today reported that it has entered into an agreement to immediately exercise certain outstanding warrants. This involves the purchase of up to 285,715 shares of common stock originally issued in July 2023. These warrants have an exercise price adjusted from $26.25 to $16.50 per share. The shares that can be obtained through these warrants are registered under an effective amendment to a registration statement on Form S-1 and Form S-3 (No. 333-273384). The transaction is expected to close around November 4, 2024, pending the usual closing conditions.

H.C. Wainwright & Co. serves as the exclusive placement agent for this offering.

As a result of 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 also for 285,715 shares. These new warrants will have an exercise price of $16.50 per share and will be exercisable upon issuance. The Series A-1 warrants will be valid for five years, whereas the Series A-2 warrants will last for eighteen months from the effective date of the Resale Registration Statement.

The expected gross proceeds from the exercise of these warrants amount to about $4.7 million, not accounting for placement agent fees and offering expenses. Cadrenal plans to use the net proceeds to fund its pivotal Phase 3 trial and related partnership activities.

The new warrants mentioned were provided in a private placement under an exemption from the registration requirements of the Securities Act of 1933. These warrants, along with the shares from their exercise, have not been registered under the 1933 Act. Thus, they cannot be offered or sold in the United States unless registered with the Securities and Exchange Commission (SEC) or qualifying for an exemption. The Company has agreed to file a registration statement covering the resale of the shares obtainable through the new warrants.

This press release does not constitute an offer to sell or solicit an offer to buy nor shall there be any sale of these securities in any state or jurisdiction where such actions are unlawful before registration or qualification under the relevant laws.

About Cadrenal Therapeutics, Inc.

Cadrenal Therapeutics is a biopharmaceutical company in late-stage development of tecarfarin, a new vitamin K antagonist designed to provide safer chronic anticoagulation for patients with implantable cardiac devices or rare cardiovascular conditions. Tecarfarin aims to minimize adverse outcomes like strokes and heart attacks compared to warfarin, which often leads to side effects and complex dosing. It has been recognized with orphan drug designation for use in advanced heart failure patients with left ventricular assist devices, as well as for end-stage kidney disease patients with atrial fibrillation. Plans include conducting pivotal clinical trials and seeking clinical and commercial partnerships. Cadrenal is also examining the use of tecarfarin on patients with mechanical heart valves who have anticoagulation challenges. For further details, visit www.cadrenal.com.

Safe Harbor Statement

Statements in this release about future expectations, plans, and prospects, alongside those not pertaining to historical facts, qualify as “forward-looking statements.” This includes anticipated timelines for closing the transaction and the intended use of proceeds. Terms such as “anticipate,” “believe,” “estimate,” “expect,” “plan,” and “will” signify forward-looking statements, even though not all such statements contain these words. Actual outcomes may vary significantly from those projected due to factors like market conditions and the completion of the offering on expected terms. Cadrenal disclaims any obligation to update these forward-looking statements unless required by federal securities laws.

Contact

For additional information, please reach out to:

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.