InCarda Therapeutics has announced the completion of an oversubscribed $42 million Series B financing that will fund a Phase 2 study of InRhythm inhaled flecainide for the treatment of recent-onset paroxysmal atrial fibrillation (PAF). The financing round was led by Sofinnova and HealthCap, both new investors along with Deerfield Management.
In 2015, InCarda raised more than $5 million in a Series A financing led by Morningside Venture, which also participated in the new financing round as did another existing investor, Asset Management Ventures. In June 2017, the company reported positive results from a Phase 1 trial funded by that round.
The Phase 2 trial is currently recruiting, with an estimated enrollment of 110 PAF patients, and top-line results are expected to be available in the second half of 2019, the company said.
InCarda President and CEO Grace Colón said, “2018 has been transformational for InCarda as we continue to aggressively execute our plan, driven by our belief that inhaled therapeutics represent a new frontier in the treatment of cardiovascular diseases. Our recent achievements have significantly strengthened our company and provided InCarda with key resources to continue to efficiently and effectively advance our development of InRhythm. . . . We look forward to completing our Phase 2 study, which will serve as an important step in our continued effort to develop a novel treatment capable of addressing the unmet needs of patients living with the significant clinical and emotional burden of PAF.”
Read the InCarda Therapeutics press release.
