InCarda Therapeutics said today that it raised $42 million in an oversubscribed Series B financing round led by Sofinnova and HealthCap.
Proceeds from the round are slated to support a Phase II trial of the company’s inhaled paroxysmal atrial fibrillation drug, InRhythm.
Traditional therapies for PAF include oral antiarrhythmic drugs or acute hospital procedures. InCarda’s lead candidate is designed as a non-invasive, rapid-acting therapy that can be self-administered whenever a patient experiences an episode of PAF.
The company recently began a Phase II in-hospital trial to assess the feasibility, safety, efficacy and tolerability of single and repeated doses of inhaled flecainide following the onset of an episode of PAF. InCarda said it expects top-line results from the trial in the second half of 2019.
“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,” president & CEO Grace Colón said in prepared remarks.