Thursday, August 08, 2024
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
LVAD Development Takes The Spotlight Cadrenal reported 2Q24 loss of $2.4 million or $(0.15) per share. Tecarfarin development in ESRD with AFib continues, and the FDA granted Orphan Drug Designation for tecarfarin in implanted circulatory support devices, such as LVADs. The company also confirmed that it was in discussions with Abbott (ABT, Not Rated) to develop tecarfarin as an anticoagulant for LVAD patients. We believe this disclosure could lead to a development agreement between the two companies.
Discussions With Abbott Confirmed. Abbott makes the HeartMate 3 LVAD device and has presented data from its ARES-HM3 study highlighting the need for an improved anticoagulant in LVAD patients. This presentation was discussed in our Research Note on June 5. While a collaboration has not been announced, confirmation of discussions for a pivotal trial testing tecarfarin in LVAD patients is good news.
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