HAYWARD, Calif., Nov. 15, 2012 /PRNewswire/ -- Intarcia Therapeutics, Inc. today announced the simultaneous completion of two financings with total proceeds of $210 million, the largest sum to be raised by a private biotechnology company in at least 25 years. The financings consisted of $160 million in proceeds from a preferred stock private placement and $50 million in proceeds from a private debt placement. Investors in these financings included existing investors New Enterprise Associates, Inc., New Leaf Venture Partners and Venrock, as well as new investors, The Baupost Group, LLC, Farallon Capital Management, LLC and three additional top-tier institutional investors based in Boston and New York.
As a result of these transactions, Intarcia has retained full strategic and financial control of its lead product candidate ITCA 650 (continuous subcutaneous delivery of exenatide), which, if approved, would be the first and only once-yearly, injection-free GLP-1 therapy for the treatment of type 2 diabetes. Intarcia intends to initiate the global Phase 3 program for ITCA 650 in the first quarter of 2013 with its strategic partner Quintiles, Inc., the world's leading biopharmaceutical service provider, which has helped develop or commercialize 18 of the 20 best-selling diabetes products.
"With this landmark financing in place, we have fully preserved the vision for our company and our aim to bring potentially revolutionary clinical, economic and humanistic benefits to millions of diabetes patients around the world," said Kurt Graves, Chairman, President and Chief Executive Officer of Intarcia. "After considering multiple options to maximize shareholder value and scaling up for our ITCA 650 Phase 3 program, we chose to align with this elite group of investors who not only sh
|SOURCE Intarcia Therapeutics, Inc.|
Copyright©2012 PR Newswire.
All rights reserved