Kardigan, a Phase 2b/3 biotech developing in-licensed therapies for cardiovascular diseases, raised $400 million by offering 25 million shares at $16, the high end of the $14 to $16 range. The company offered 1.7 million more shares than anticipated.
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.
The Princeton, NJ-based company will trade on the Nasdaq under the symbol KARD. J.P. Morgan, Jefferies, Leerink Partners, and TD Cowen acted as joint bookrunners on the deal.
