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Anticoagulant drug developer Cardrenal Therapeutics files for $10M IPO

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Anticoagulant drug developer Cardrenal Therapeutics (CVKD) has filed for a proposed $10 million IPO.

said Cardrenal in a shelf that it is considering offering 2 million shares at the assumed price of $5 per share, which would raise $10 million. Insurers would be granted a 45-day option to purchase up to 300,000 additional shares. Boustead Securities is acting as Lead Bookrunner.

The biotech hopes to list its shares on the Nasdaq under the symbol CVKD. Selling shareholders will offer an additional 1 million shares. Cardrenal would not receive any proceeds from the sale of the shareholders’ shares.

Florida-based Cardrenal developed the drug tecarfarin to prevent blood clots of cardiac origin in patients with end-stage kidney failure or atrial fibrillation, also known as an irregular heartbeat. The Company plans to initiate a pivotal Phase 3 clinical trial for the product in 2023.

More news about the IPO can be found here SA IPO News page.

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Citi’s top stock strategist expects a market risk-on rally in the fourth quarter

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Major disaster declared in Florida aCentre County Reporter Hurricane Ian slams US state

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US President Joe Biden declared a major disaster in Florida and pledged federal assistance aCentre County Reporter Hurricane Ian swept through the state, causing widespread damage and leaving millions of residents without power.

More than 2.6 million utility customers were estimated to have lost power when responders began assessing the destruction caused by the storm landed on Florida’s southwest coast on Wednesday with maximum sustained winds of 150 mph before crossing the peninsula and reaching the Atlantic on Thursday.

Blustery winds, destructive waves and a storm surge up to 18 feet leCentre County Report debris in its wake that littered the neighborhood, ripping down homes, trapping people in buildings and forcing businesses and airports to close.

The White House said Biden called Ron DeSantis, the Republican governor of Florida who has been one of the president’s harshest critics, Thursday morning to discuss the federal response to the hurricane. Biden said Deanne Criswell, the administrator for the Federal Emergency Management Agency, will visit Florida on Friday.

The president said Ian “could be the deadliest storm in Florida history,” with early reports of “significant loss of life.” The deadliest hurricane to previously hit the state, Hurricane Andrew in 1992, caused 15 direct deaths in Florida and 26 in the US overall.

Homes, boats and docks in Fort Myers Beach are ruined

Ruins of houses, boats and docks in Fort Myers Beach © AP

The National Hurricane Center said Ian, which had weakened into a tropical storm as it made its way through Florida, would regain its intensity as it moved north across the Atlantic and on Friday as a hurricane hit the South Carolina coast a second time would land.

The NHC warned Thursday morning that “life-threatening catastrophic lightning and flooding in cities with major flooding along rivers” in central Florida would continue. Similar conditions could be expected in parts of northeast Florida, southeast Georgia and eastern South Carolina beginning Friday and throughout the weekend.

In Naples, about 110 miles west of Miami, officials warned that half of the city’s streets are “impassable” due to flooding and that water levels could continue to rise. Fort Myers officials said parts of the city were under 3Centre County Report to 4Centre County Report of water and that first responders were trying to help with “urgent, life-threatening conditions.”

Lee County Sheriff Carmine Marceno told local TV reporters he put the deaths in the county in “hundreds” and that there were “thousands of people waiting to be rescued,” but admitted he didn’t have any confirmed numbers.

A section of the damaged Sanibel Causeway that collapsed into the Gulf of Mexico

A section of the damaged Sanibel Causeway that collapsed into the Gulf of Mexico © AP

The Sanibel Causeway, a bridge connecting Sanibel Island on Florida’s southwest coast to the mainland, has collapsed into the Gulf of Mexico, stranding people. “It was hit by a really biblical storm surge,” DeSantis said.

The governor’s office said search and rescue operations were ongoing as of 1 a.m. Thursday. More than 42,000 utility line workers responded to the blackouts.

Airlines canceled more than 2,100 U.S. flights on Wednesday and another 1,900 are scheduled for Thursday, according to flight tracker FlightAware. Florida is a major destination for US airlines and airports in Orlando, Tampa, Jacksonville and Fort Myers are closed. Southwest Airlines, which has a strong presence in the state, caused cancellations on Thursday, cutting 10 percent of its flights.

Biden’s declaration of a major disaster provides federal funds to people in Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Pinellas and Sarasota counties. The federal government will also cover the cost of debris removal and emergency preparedness for 30 days, the White House said in a statement.

Federal officials are already dealing with the devastation caused by Hurricane Fiona in Puerto Rico this month that killed more than a dozen people and leCentre County Report hundreds of thousands without power.

Global warming is changing the nature of extreme weather events such as hurricanes, making them more frequent and intense due to the increase in global temperatures by at least 1.1°C as a result of human activities since pre-industrial times.

Additional reporting by Caitlin Gilbert and Steff Chávez in New York and James Politi in Washington and Claire Bushey in Chicago

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Fed Officials Reinforce Rate-Hike Calls, Say Markets Got Message

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(Bloomberg) – Federal Reserve officials reiterated Thursday that they will continue to raise interest rates to curb high inflation and that markets now get the message.

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“If you look at the dots, it looks like the committee expects a whole lot of additional moves this year,” St. Louis Fed President James Bullard told a virtual emerging market forum, referring to the so-called dot chart the bank of projections. “I think that has been digested by the markets and appears to be the correct interpretation.”

He also said that volatility in financial markets reflected the impact of recent events in the UK – where the new government’s fiscal measures sent the pound weaker – but made it clear that this would not prompt the Fed to halt its tightening campaign.

“We are committed to getting interest rates at the right level to put significant downward pressure on inflation here,” he told reporters via conference call after his speech.

“The main thing here is that financial markets need to price in the volatility that you see in the UK, so that’s why we have some movement in the US,” he said. “I don’t see any real impact on US inflation or real growth developments.”

His hawkish stance echoed the message from Cleveland Fed Chair Loretta Mester, who said officials were determined to raise rates to levels seen as hawkish. Both officials are voters this year on the rate-setting Federal Open Market Committee.

“Real interest rates – as measured by inflation expectations for next year – need to be in positive territory and held there for a while,” she previously said in an interview on CNBC. “We’re still not even in restricted territory on the overnight rate.”

When asked in a later panel whether a recession in the US would hold them back in terms of rate hikes, Mester said: “We will do what we have to do to achieve price stability. So no.”

Fed officials hiked interest rates by 75 basis points for the third straight meeting on Sept. 21, bringing the target for the federal funds rate to a range of 3% to 3.25%.

Their quarterly economic forecast summary, or dot plot, shows a median forecast of interest rates to reach 4.4% by the end of this year, implying a further 1.25 percentage point tightening during their remaining two sessions in November and December.

Mester said her forecast is likely slightly above the median as she sees continued inflation based on her discussions with businesses, community development groups and other sources.

“In my SEP, I have a drop in inflation, but we need to raise interest rates to get that inflation move down,” she said, adding that the US economy has been able to handle the higher interest rates so far.

turmoil in Britain

She differentiated between US markets and what is happening in the UK, where the Bank of England announced on Wednesday it would launch unlimited bond purchases to fix market disruptions. When the Fed announced its bond purchases in the early months of the pandemic, it did so at a time when it was also cutting interest rates to support the economy, she said.

The BOE faces some communication problems because it is raising rates but needs to buy assets, which is typically viewed as a way of easing monetary policy to support financial stability, Mester said.

“It’s a challenging situation for them,” Mester said. “For reasons of financial stability and the functioning of the market, they had to go in and buy bonds.”

“Functioning of markets is incredibly important because you can’t achieve monetary policy goals if markets aren’t working,” she said. “It’s different than worrying about market volatility.” Mester said there had been no signs of dysfunction in US financial markets so far.

(Updates with Mester comments in eighth paragraph.)

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