InCarda Therapeutics raises $5M for heart treatment in latest round of financing
“Know diseases, known drugs, new delivery.” These are the three tenets of InCarda Therapeutics’ business model. Evidently, it’s working for investors, who have just given the company a vote of confidence by helping it complete its Series A financing.
InCarda has raised over five million with potential tranches totaling $1.5 million more. The lead investor in the financing is Morningside Venture. Other investors include an association of physicians along with other health care and high tech professionals. Reenie McCarthy, representing Morningside, will join InCarda's board of directors. Proceeds from the financing will be used to further the company’s lead cardiovascular program for an inhaled therapy intended to treat paroxysmal atrial fibrillation (PAF).
Grace E. Colon, Phd.D., chief executive officer and president of InCarda is confident that the company’s therapies will influence PAF treatment: "At InCarda, we strongly believe that the concept of inhaled cardiotherapeutics will change the way certain acute cardiovascular conditions are treated today, providing patients with better therapeutic options and resulting in significant savings to the healthcare system."
"This financing will enable us to advance development of our lead product to its next major milestone, a clinical proof-of-concept trial in Australia and also advance other product concepts in our development pipeline. We are so pleased to have the support of such a high-quality group as Morningside as we develop our innovative products,” she added.
"InCarda's focus on improving real-time treatment of acute cardiovascular events addresses a major unmet need," said Reenie McCarthy, for Morningside. "We look forward to supporting InCarda as they advance their products into clinical proof of concept."
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