SAN FRANCISCO, April 28, 2015 /PRNewswire/ -- InCarda Therapeutics, Inc. (InCarda), a privately-held biotechnology company focused on the development and commercialization of therapies for acute cardiovascular conditions via the inhalation route, today announced the completion of a Series A financing. In this financing, InCarda raised over $5 million with potential tranches totaling an additional $1.5 million. The lead investor in the financing was Morningside Venture. Other investors include a consortium of physicians and 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).
"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," stated Grace E. Colon, Ph.D., chief executive officer and president of InCarda. "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."
"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."
About Morningside (www.morningside.com)
Morningside is a diversified investment group founded in 1986. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, and since 1992, in Mainland China. Morningside is an active investor in early-stage companies founded around novel life science and medical technology.
About InCarda (www.incardatherapeutics.com)
InCarda Therapeutics is focused on transforming cardiovascular disease treatment through pulmonary delivery of established drugs. The company is product-focused with significant capabilities and led by a team with extensive experience in drug development. The lead product under development is an inhaled therapy intended to treat paroxysmal atrial fibrillation (PAF). InCarda is also working on additional research concepts that leverage the same platform technology to target the heart for acute cardiac conditions. Our approach is designed to reduce the risk normally associated with drug development. Our model is based on the following three tenets: known diseases, known drugs, new delivery.
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SOURCE InCarda Therapeutics