** Shares of Cadrenal Therapeutics CVKD.O rise 7.6% to $3.11 premarket

** Co says its experimental drug CAD-1005 cut new or worsening blood clots by more than 25% versus placebo in a mid-stage study of heparin-induced thrombocytopenia, a rare immune reaction that can cause dangerous clots

** CAD-1005 is being developed for patients who develop blood clots after exposure to the blood thinner heparin

** Trial showed a 50% rate of new or worsening clots in CAD-1005-treated patients versus more than 75% with placebo, co says

** Says findings will help design a late-stage trial; CAD-1005 has orphan drug and fast-track status from U.S. and European regulators

** As of last close, the biotech firm's stock was down ~57% YTD