Cadrenal Therapeutics, Inc. announced on October 24, 2024, that it raised gross proceeds of approximately $5.1 million through its at-the-market (ATM) facility. The company sold an aggregate of 391,243 shares of common stock at a weighted average price of $13.15 per share.
Following these sales, as of October 23, 2024, Cadrenal had 1,496,771 shares of common stock outstanding and a cash balance of approximately $7.4 million. This capital infusion strengthens the company's balance sheet.
Quang X. Pham, Chief Executive Officer, stated that the net proceeds will provide added working capital. These funds are intended to support the continued development of tecarfarin, preparation for the pivotal Phase 3 trial, and progress partnering activities.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.