Biotech firm Kardigan seeks $254m in proceeds to fund Phase IIb/III trials for three cardiovascular therapies, targeting a 2024 listing.
Kardigan has submitted paperwork for an initial public offering on the Nasdaq, aiming to raise funds to advance its cardiology pipeline. The company, backed by ARCH Venture Partners, will trade under the ticker “KARD” but has not disclosed share count or pricing details. Proceeds will primarily support clinical development of three therapies, including danicamtiv and ataciguat, both licensed from Bristol Myers Squibb and MyoKardia.
The biotech’s lead candidate, danicamtiv, is in a Phase IIb/III trial for genetic dilated cardiomyopathy (DCM), a condition with no approved treatments. Ataciguat, another mid-stage asset, targets moderate calcific aortic valve stenosis, while tonlamarsen, an antisense oligonucleotide, is in Phase IIb for severe hypertension. Kardigan’s IPO adds to a growing wave of biotech listings in 2024.
No immediate market reaction was reported following the filing announcement.