Intarcia Therapeutics, Inc., a Boston, MA-based biopharmaceutical company, held $215m first close of an equity financing.
Backers included institutional investors, family offices, Lucion Venture Capital Group (VC/PE fund located in China) as well as existing investors.
Led by Kurt Graves, Chairman, President and CEO, Intarcia employs the proprietary (subcutaneous) Medici Drug Delivery System™ to advance ITCA 650 (continuous subcutaneous delivery of exenatide) as a once or twice-yearly therapy for the chronic treatment of type 2 diabetes.
Exenatide, the active agent in ITCA 650, is a glucagon-like peptide-1 (GLP-1) receptor agonist that is currently marketed globally as twice-daily and once-weekly self-injection therapies for type 2 diabetes.
Total proceeds from the financing, as well as more than $500m in major milestones expected over the next 2-3 years, position Intarcia through the first full year of launch for ITCA 650, as well as the planned advancement of several pipeline programs into the clinic.
Following a positive and constructive pre-NDA meeting, the company expects to submit the NDA for ITCA 650 to U.S. regulatory authorities within the next 30-60 days.
Upon U.S. NDA submission, Intarcia will also receive the 3rd and final $100M milestone payment from the $300M royalty/equity convert financing it completed last year.