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Intercept Pharmaceuticals Closes $30 Million Series C Financing
Date:8/9/2012

NEW YORK, Aug. 9, 2012 /PRNewswire/ -- Intercept Pharmaceuticals, Inc., a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver diseases, today announced the completion of a $30 million Series C preferred stock financing led by OrbiMed Advisors LLC, a leading global healthcare investment firm, with existing majority investor Genextra S.p.A. also participating. In conjunction with the financing, OrbiMed's Jonathan Silverstein and Klaus Veitinger, MD, have joined Intercept's Board of Directors.

"This financing allows us to continue advancing our lead compound OCA in POISE, our Phase 3 PBC trial, while pursuing other therapeutic indications of interest," commented Mark Pruzanski, MD, Intercept's president and chief executive officer. "We welcome Jonathan and Klaus to the Board and are excited to benefit from the experience they bring."

"We are very pleased to become involved with a company of Intercept's caliber," added Jonathan Silverstein for OrbiMed. "We are particularly interested in products focused on orphan indications and believe that OCA has great potential as a novel therapy for PBC and other indications. We look forward to working with Mark and his team to help the company build its pipeline and achieve its full potential."

About Intercept
Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat orphan and more prevalent liver diseases utilizing its expertise in bile acid chemistry. The company's lead product candidate, obeticholic acid, or OCA, is a bile acid analog and first-in-class agonist of the farnesoid X receptor (FXR). OCA is initially being developed for the second line treatment of primary biliary cirrhosis (PBC) in patients with an inadequate response to, or who are unable to tolerate, ursodiol, the only approved therapy for this indication. PBC is a chronic autoimmune
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SOURCE Intercept Pharmaceuticals, Inc.
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