InCarda Therapeutics raises $5M for heart treatment financing
InCarda Therapeutics, a firm focused on transforming cardiovascular disease through pulmonary delivery of established drugs, has just finished raising its Series A financing. Morningside Venture is the lead investor, accompanied by a consortium of physicians. Other investors include health tech and high tech professionals.
“Know diseases, known drugs, new delivery.” These are the three tenets of InCarda Therapeutics’ business model, according to our sister brand Business Review USA. 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 $5 million with potential tranches totaling $1.5 million more.
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."