Cardiovascular disease drugs continue to rank among the most prescribed medicines, but there’s still leave plenty of unmet medical need. Many of these products are one-size-fits all and they manage symptoms rather than treating underlying drivers of disease, according to drug developer Kardigan. The biotech company is developing medicines that address certain disease drivers with a focus on indications with no available therapies.
“Our mission is to advance novel medicines that modify the root causes of cardiovascular disease, moving the field beyond symptom management toward functional cures,” Kardigan said in its prospectus.
Three Kardigan programs are on track to late-stage clinical testing. They now have $400 million in IPO cash to support their development. Strong investor interest enabled Kardigan to boost the IPO deal size from 23.3 million shares in the range of $14 to $16 each, preliminary financial terms set last week. Late Wednesday, Princeton, New Jersey-based Kardigan ended up offering 25 million shares at the top of the projected price range. Those shares began trading on the Nasdaq Thursday under the stock symbol “KARD.”
Kardigan was founded in 2023 by veterans of MyoKardia, a cardiovascular drug developer acquired by Bristol Myers Squibb in 2020. Under BMS, MyoKardia’s lead asset went on to land FDA approval as a treatment for obstructive hypertrophic cardiomyopathy and is marketed in this indication as Camzyos. MyoKardia brought other programs to BMS. Kardigan licensed one of them, danicamtiv. This oral small molecule is a potential treatment for dilated cardiomyopathy (DCM), a condition in which the left ventricle stretches and weakens, making it difficult for the heart to pump efficiently.
Danicamtiv is in development for forms of DCM driven by genetic variants that disrupt the function of myosin, a protein key to muscle contraction. This Kardigan drug is intended to restore the function and availability of myosin. Under Kardigan, danicamtiv has reached Phase 2a testing in DCM. Phase 2 data for danicamtiv were presented in March during the annual scientific session meeting of the American College of Cardiology (ACC). In the IPO filing, Kardigan said preliminary Phase 2b results at 24 weeks are expected in the first half of 2027; 48-week data expected in the second half of next year.
The second indication Kardigan is pursuing is calcific aortic valve stenosis (CAVS), which is narrowing and stiffening of the aortic valve that makes it harder for the heart to pump blood. Ataciguat is a small molecule intended to slow the deposition of calcium that’s a driver of CAVS. This drug was initially developed by the Mayo Clinic and Sanofi, according to the filing. In 2021, Rancho Santa Fe Bio licensed global rights to the molecule. Three years later, Kardigan acquired that company.
Phase 2 results for ataciguat were presented last November during the American Heart Association Scientific Sessions meeting. A Phase 2b test for ataciguat is ongoing in moderate CAVS. Kardigan expects to report 24-week data in the first half of 2027 and 48-week data in the second half of 2027.
The third Kardigan drug is tonlamarsen, which is in development for post-hospitalization management of acute severe hypertension (ASH), a condition characterized by sudden elevation in blood pressure. ASH often leads to emergency room visits and hospitalizations. Treatment in the post-hospitalization period is key for avoiding readmissions.
Tonlamarsen is an antisense oligonucleotide designed to target and down-modulate hepatic angiotensinogen, a liver protein that regulates blood pressure. This once-monthly injectable drug was licensed from Ionis Pharmaceuticals. Kardigan has advanced tonlamarsen to mid-stage clinical development. Phase 2 results for tonlamarsen were presented in March during the ACC meeting and published in the Journal of the American College of Cardiology. The company expects to report Phase 2b data in the first half of next year.
In its history as a private company, Kardigan had raised $568.3 million, it said in the filing. The most recent financing was a $254 million Series B round last October. Kardigan’s two largest shareholders are HRTG Partners (formerly Sequoia Heritage) and Arch Venture Partners, with respective 16.6% and 16.5% post-IPO stakes, the filing shows.
As of the end of the first quarter of this year, Kardigan reported its cash position was $287.1 million. The company will combine that capital with the IPO proceeds to continue clinical development of its three lead assets, advancing them to the readout of Phase 2b data and the start of Phase 3 testing, according to the filing. Danicamtiv and ataciguat will each receive between $80 million and $90 million; tonlamarsen will get $40 million to $50 million. Kardigan expects its capital will support operations into 2028.
Illustration: Magicmine, Getty Images
