US biopharmaceutical company InCarda Therapeutics has announced plans to establish a subsidiary in Australia.
The privately-held company is focused on the development and commercialisation of therapies for cardiovascular conditions via the inhalation route.
Its lead product is an inhaled formulation of flecainide for the treatment of paroxysmal atrial fibrillation, the most common type of cardiac arrhythmia.
InCarda said it is planning to undertake its first human clinical trial in Australia in the first half of 2016, collaborating with investigators and medical centres in Adelaide and Melbourne.
The company said it has contracted with Australian clinical research organisations and is conducting formulation manufacturing and testing in Australia - both in preparation for the upcoming trial.
"Government incentives are available for conducting such R&D activities in Australia, and thus, InCarda's clinical trial will be substantially subsidised," said the company.
"Australia has become an important region for medical research given its resident world-class clinicians, many of whom are involved in conducting clinical trials, as well as its strong collaborators for pharmaceutical development," stated Grace Colon, PhD, CEO and president of InCarda. "Establishing a subsidiary in Australia makes excellent sense for InCarda given the subsidies we will benefit from as well as the vast infrastructure available to us as we prepare to enter the clinic with our first product targeting paroxysmal atrial fibrillation."