Two weeks after going public, Jacksonville biopharmaceutical company Cadrenal Therapeutics Inc. celebrated its new listing by ringing the closing bell at the Nasdaq stock exchange.
Cadrenal is focused on developing tecarfarin, a drug that will be aims to prevent blood clots in people who have end-stage renal disease and atrial fibrillation, or irregular heart beats. The FDA considers tecarfarin an orphan drug, which means the company qualifies for certain tax credits and other incentives to help bring it to market. It has also received fast track designation, which speeds up the process of getting a drug approved.
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