Kardigan, a Phase 2b/3 biotech developing therapies for cardiovascular diseases, announced terms for its IPO on Thursday.
The Princeton, NJ-based company plans to raise $350 million by offering 23.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Kardigan would command a fully diluted market value of $1.6 billion.
Kardigan is advancing three late-stage product candidates: danicamtiv, an oral cardiac myosin activator in a Phase 2b/3 trial for genetic dilated cardiomyopathy caused by MYH7 and TTN gene variants; ataciguat, an oral soluble guanylate cyclase activator in a Phase 2b trial targeting calcific aortic valve stenosis progression; and tonlamarsen, a subcutaneous antisense oligonucleotide administered once monthly that targets hepatic angiotensinogen for blood pressure management in post-hospitalization acute severe hypertension. Kardigan also operates the Prolaio platform, a proprietary data and analytics system incorporating FDA-cleared algorithms and wearable sensor integration designed to collect continuous real-world physiologic data from patients during clinical trials.
Kardigan was founded in 2023. It plans to list on the Nasdaq under the symbol KARD. J.P. Morgan, Jefferies, Leerink Partners, and TD Cowen are the joint bookrunners on the deal. It is expected to price the week of June 15, 2026.
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