Intarcia Therapeutics said it’s reeled in financing worth a total of $210 million to further its drug-device combination treatment for Type II diabetes.
The Hayward, Calif.-based company, which is moving its headquarters to Boston, said the cash will also help facilitate the move.
Intarcia is developing ITCA 650, a matchstick-sized, miniature osmotic pump inserted subcutaneously to deliver the drug exenatide for 1 year. The company is planning a Phase III trial of the technology early next year, according to a press release.
The funding round, which Intarcia claims is biotech’s largest in at least 25 years, involved a $160 million private placement and a $50 million debt round. Backers included existing investors New Enterprise Associates, New Leaf Venture Partners and Venrock and new investors The Baupost Group, Farallon Capital Management and "3 additional top-tier institutional investors based in Boston and New York," according to the release.
"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," chairman, president & CEO Kurt Graves said in prepared remarks.
Intarcia said it plans to keep its R&D and manufacturing operations in Hayward.
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Analysts’ ups and downs
- AtriCure (NSDQ:ATRC): Piper Jaffray upgrades from "neutral" to "overweight" rating, increases price target from $6 to $10.
- Baxter (NYSE:BAX): Barclays maintains “equal weight” rating, raises price target from $63 to $68; Leerink Swann reiterates “outperform” rating, raises price target to $74 from $70.
- Varian Medical (NYSE:VAR): Benchmark Company initiates coverage with “buy” rating, $88 price target.
