InCarda Therapeutics — which is developing an inhaled paroxysmal atrial fibrillation drug — filed an SEC Form D confirming the sale of more than $35 million in equity.
The Newark, Calif.–based drug-device combo company sold nearly $35.3 million since the first sale of the offering occurred on Oct. 20, 2017, according to yesterday’s filing.
InCarda listed a total offering amount of just over $42.1 million, leaving more than $6.3 million remaining to be sold. The company said it intends for the offering to last for more than a year.
So far, 24 investors have contributed to the offering with a $1,791 minimum investment accepted from any outside investor. The proceeds raised from the offering are slated to be used as working capital, including payment of director, officer and employee salaries, InCarda said in the filing.
In November 2018, InCarda announced that it raised $42 million in an oversubscribed Series B financing round to support a Phase II trial of the company’s inhaled paroxysmal atrial fibrillation drug, InRhythm. The 100-person trial is in the recruiting stage and slated to conclude in May 2021, according to ClinicalTrials.gov.
InRhythm is designed to deliver flecainide via inhalation to get the drug to the heart through the lungs. Flecainide is already approved as an oral anti-arrhythmic drug for patients with PAF.