Cadrenal Shares Rise 7% After Tecarfarin's FDA Fast-Track Designation

By Chris Wack

Cadrenal Therapeutics Inc. shares were up 7% to $4.42 Monday after the company said the U.S. Food and Drug Administration granted a fast-track designation to tecarfarin, its anti-blood clotting drug.

Tecarfarin, a drug under development by the Ponte Vedra, Fla., pharmaceuticals company, is indicated for the prevention of systemic cardiac thromboembolism in patients with end-stage renal disease and atrial fibrillation.

The FDA's fast-track designation is intended to expedite the review of drugs to treat serious conditions and fill unmet medical needs. The FDA had previously granted tecarfarin an orphan drug designation.

On Friday, Cadrenal had its initial public offering and its stock ended 4% higher.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

01-23-23 1333ET