San Francisco based InCarda therapeutics announced the first portion of its Series C on 21 October, amounting to US$ 30 million in new funding.
The Series C financing was led by an affiliate of Innoviva and included existing investors Deerfield Management, HealthCap and Morningside Venture. Two years ago InCarda had raised US$ 42 million in its Series B round.
The funds raised will be mainly utilized for InCarda’s InRhythm program, an inhaled therapeutic aiming to treat sudden episodes of irregular heartbeats, through its Phase II trials and prepare it for Phase III.
About InCarda
InCarda is a privately-held biopharmaceutical company developing first-of-their-kind inhaled therapies for cardiovascular diseases. It was founded in 2009 by Carlos A Schuler, Gregory M Marcus, John S Patton and Narsi Rangachari. It is a clinical-stage drug delivery company. Its lead product is InRhythm, an inhaled formulation of an antiarrhythmic drug to treat acute paroxysmal atrial fibrillation events within minutes at home, at work, or anywhere. The drug has completed its Phase 1 trials and is currently advancing to Phase 2.
InCarda Therapeutics was founded in Newark, California. It is seeking to close the gap between heart rate control and heart rhythm control medicines. When patients typically go to the hospital for atrial fibrillation, they’re given drugs that slow the beating of their hearts but may still leave the chambers beating out of sync.
“Patients are typically given drugs like a beta-blocker or calcium channel blocker, which allows them to quickly feel somewhat better but they’re still skipping beats,” said Grace Colón, CEO of InCarda. “Typically, they’re kept in the ER to see if they convert spontaneously, but two-thirds of the patients in the ER end up getting admitted and kept overnight.” She also said that the drug, which has a narrow therapeutic window, has fared well safety-wise so far as it’s absorbed quickly by the pulmonary vein and atrium and then expunged before it can get too toxic.
InCarda is eyeing to launch the product in the medically supervised field as soon as 2023. “This is especially exciting at a time when more and more patients are using mobile, wearable and portable devices for their arrhythmia. We feel that all of that excitement and awareness that’s out there is great for patients, however, they don’t have immediate clinical utility, and that’s something that we’ll be able to provide,” said Grace Colón.
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