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InteKrin Therapeutics Announces $20 Million Series C Financing
Date:8/4/2008

LOS ALTOS, Calif., Aug. 4 /PRNewswire/ -- InteKrin Therapeutics, Inc., a clinical stage biopharmaceutical company focused on the development of products for diabetes, metabolism and obesity today announced it has completed the first close of a Series C venture financing for $18.25 million. The financing was led by Skyline Ventures of Palo Alto, CA and Managing Director David Lowe Ph.D. of Skyline will join InteKrin's Board of Directors. Existing major investors Sofinnova Ventures and OrbiMed Advisors also significantly participated, as did other earlier investors. The Company anticipates a second close of the Series C bringing the total for the round to $20 million to support the continued development of INT131, a non-TZD selective modulator of PPAR gamma (SPPARM) for treatment of Type II diabetes (T2DM).

"InteKrin is very pleased to have Skyline, a premier health care venture firm, lead its Series C financing," remarked InteKrin's President and CEO Denny Lanfear. "This investment and the ongoing support of our existing investors including Sofinnova and OrbiMed will allow us to fully prepare INT131 for the initiation of the Phase 3 studies in 1H10 and maintain our rapid development pace."

"The nonclinical safety multiples seen with INT131 together with the strong efficacy seen in the Phase 2a study present a unique profile," commented Skyline Ventures' David Lowe Ph.D. "The biology of INT131 and its demonstrated ability to selectively modulate PPAR gamma promises to deliver to patients glucose lowering efficacy without the safety compromises of currently available insulin sensitizers."

INT131 was designed specifically to antagonize characteristic TZD adverse effects while retaining powerful PPAR gamma anti-diabetic efficacy, and represents a new product and chemical class. INT131 is well positioned to fulfill the unmet medical need for a safe treatment of insulin resistance, the key etiological feature in the onset and subsequent progress
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SOURCE InteKrin Therapeutics, Inc.
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