California-based InCarda Therapeutics (formerly Pleiades Cardio-Therapeutics) has announced that it raised over $5 million with the possibility of an additional $1.5 million in a private financing round led by Morningside Venture. According to the company, it will use the proceeds for development of an inhaled therapy for paroxysmal atrial fibrillation.
InCarda President and CEO Grace E. Colón said, “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.”
InCarda shares several members of its management team with inhaled insulin developer Dance Biopharm. Current Dance President and CEO John Patton. who also co-founded Inhale Therapeutics (Nektar), co-founded InCarda and serves as Executive Chairman. Samantha Miller, Chief Business Officer of Dance, joined InCarda in the same role as of January 2015. The InCarda team also includes Narsi Rangachari, formerly managing director of Nektar Therapeutics India, who is a co-founder and Chief Operating Officer of InCarda.
Read the InCarda press release.
