Funicular Fund increased its stake after securing a Board seat in ARCA biopharma (ABIO)

Market Cap: $36 million | ARCA biopharma, Inc., a clinical-stage biopharmaceutical company, develops and commercializes genetically targeted therapies for cardiovascular diseases.

 On April 4, 2022, Funicular Fund/ Cable Car Capital (13.5%) stated its belief that the company should immediately narrow its focus to the preservation of shareholder value. It stated that the company should discontinue plans for any additional clinical trials, minimize operating expenses, and refrain from any further investment in its development program. Funicular Fund believes that the persistent discount between the company’s market capitalization and its net cash signals the market’s disapproval of management’s actions. It stated that the company should consider the interests of its stockholders and explore strategic alternatives. Source

On April 14, 2022, Funicular Fund/ Cable Car Capital increased its stake to 15.06%.

On June 15, 2022, Funicular Fund/ Cable Car Capital (17.9%) entered into a Cooperation Agreement with the company and pursuant to it, the board has appointed Jacob Ma-Weaver as a Class III director with a term expiring at the  2024 AGM, effective June 15, 2022. Additionally, under the terms of the Agreement, the company and Cable Car will initiate a process to identify a mutually acceptable second independent director to join the Company’s slate of director nominees standing for election at the 2022 AGM.  Source

On April 4, 2022, Funicular Fund/ Cable Car Capital increased its stake to 17.91%