InCarda Therapeutics Completes $35 Million Equity Financing to Advance Inhaled Therapy for Acute Cardiovascular Conditions

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 8, 2019, local time, biotechnology company InCarda Therapeutics (“InCarda”) filed a Form D with the U.S. Securities and Exchange Commission (SEC), confirming the sale of company equity valued at over $35 million.

InCarda stated in the filing that the proceeds raised from this offering would be used as working capital, including for the payment of salaries to directors, officers, and employees.

InCarda Therapeutics, founded in 2009 and headquartered in California, USA, is a clinical-stage biopharmaceutical company. The company has pioneered the development of inhaled therapies for acute cardiovascular conditions, with its lead product, InRhythm, being an inhaled antiarrhythmic drug candidate. InRhythm delivers flecainide from the patient’s lungs to cardiac tissue, thereby administering a small yet effective dose of the drug directly to the target area of the heart. Flecainide is an oral antiarrhythmic medication approved for the treatment of patients with paroxysmal atrial fibrillation (PAF).

Atrial fibrillation (AF) is the most common arrhythmia, defined as lasting longer than 30 seconds. Paroxysmal atrial fibrillation (PAF), also known as intermittent atrial fibrillation, is defined by episodes that spontaneously resolve or are terminated by intervention within 7 days of onset. Common symptoms include palpitations, chest pain or tightness, weakness, fatigue, and dizziness. Current treatment for PAF primarily relies on long-term administration of oral antiarrhythmic drugs or hospital-based acute interventions. However, neither approach meets patients’ needs for non-invasive, rapid-acting therapy. Currently, there are no approved treatments that allow patients to self-manage PAF.

InRhythm is designed to address the unmet need for non-invasive, rapid-acting therapies in patients with paroxysmal atrial fibrillation (PAF). By delivering flecainide directly to the atria, InRhythm enables rapid onset of action within minutes while minimizing exposure of off-target cardiac tissues. More importantly, it allows patients to self-administer the medication in any setting.

InCarda announced in November 2018 that it had completed a $42 million Series B financing round to support the Phase II clinical trial of InRhythm. Phase I clinical results demonstrated that InRhythm could rapidly and safely deliver flecainide, modulate patients’ electrocardiogram (ECG) patterns, and restore normal sinus rhythm (NSR). Public data indicate that the Phase II trial is expected to enroll 100 patients and is currently in the recruitment phase, with completion anticipated by May 2021.

According to documents submitted by InCarda, the company has raised a total of nearly $35.3 million in financing since filing for its IPO. This amount is $6.3 million short of the company’s total offering price of $42.1 million at listing. InCarda stated that the offering process is expected to last more than one year.

(Compiled by He Li)