InCarda Therapeutics, a privately-held biopharmaceutical company developing first-of-their-kind inhaled therapies for cardiovascular diseases, announced that it has raised $30 million through the first close of a Series C equity financing.

The financing was led by an affiliate of Innoviva, Inc. and also included existing investors Deerfield Management, HealthCap and Morningside Ventures. Proceeds from the financing will be used primarily to fund the ongoing clinical development of InRhythm (flecainide for inhalation), the company's lead program, for the treatment of a recent-onset episode of paroxysmal atrial fibrillation (PAF).