Daily Brief Health Care: Rigaku Holdings, Cadrenal Therapeutics , Evaxion Biotech A/S and more

In today’s briefing:

Rigaku IPO – The Negatives – Not Every Segment Has Been Performing; Has a Large Overhang as Well
CVKD: New Blood Thinner Ready for Phase 3 Initiating Coverage of Cadrenal Therapeutics Inc
EVAX: Expanded Deal with MSD Boosts Prospects

Rigaku IPO – The Negatives – Not Every Segment Has Been Performing; Has a Large Overhang as Well

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In this note, we will talk about the not so positive aspects of the deal.

We are initiating coverage of Cadrenal Therapeutics, Inc. (CVKD) with a valuation of $30.00.
Cadrenal is a clinical stage biopharmaceutical company developing tecarfarin, a novel oral and reversible anticoagulant intended to prevent deaths due to blood clots in patients with rare cardiovascular conditions, including those with left ventricular assist devices (LVADs), end-stage kidney disease (ESKD) with atrial fibrillation (AFib), and mechanical heart valves with difficult to control time in therapeutic range (TTR).
The company will be meeting with the FDA to discuss the design of a Phase 3 clinical trial of tecarfarin in patients with LVADs. Cadrenal has also been in discussion with Abbott, the maker of the only LVAD for sale in the U.S., regarding the Phase 3 trial, which we anticipate initiating in the first half of 2025.

EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
The company has two streams of possible revenue: from the treatments themselves and from the licensing of the AI technology.
The company announced an agreement with MSD to two preclinical vaccines that provides upfront payments and potential substantial revenue in the future.

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