MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Diabetes: Intarcia pulls down $210M for drug-device combo| Wall Street Beat

Diabetes: Intarcia pulls down $210M for drug-device combo| Wall Street Beat

By

MassDevice.com Wall Street Beat

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.

 OptiMedica raises $35 million
OptiMedica said it closed a $35 million financing round from all of its existing backers, including Kleiner Perkins Caufield & Byers, Alloy Ventures, DAG Ventures, BlackRock Private Equity Partners and Bio*One Capital. Proceeds will go toward commercializing its Catalys precision laser for cataract surgery.
Read more

 Cynosure discounts offering
Cynosure (NSDQ:CYNO) priced its 3.2 million-share public offering $20.50 per share, a 3.3% discount from its closing price yesterday of $21.20 per share. CYNO shares were trading at $21.78 today as of about 12:15 p.m., up 2.7% on the day.
Read more

 Allergan drops $350M on SkinMedica
Allergan (NYSE:AGN) agreed to acquire SkinMedica’s topical aesthetics skin care business for $350 million up front and another $25 million pegged to sales milestones. The buyout, expected to close later this year, does not include SkinMedica’s Colorescience aesthetic make-up line, which SkinMedica plans to spin out as a separate company.
Read more

 InspireMD delays $40M offering
InspireMD (OTC:NSPR) said it’s postponing a planned, $40 million public stock offering "based on recent adverse market conditions."
Read more

 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.

In case you missed it

RSS From Medical Design & Outsourcing

  • The MedTech Conference by AdvaMed to be a mixture of in-person and virtual
    To hold an event or not to hold a live event. Medtech trade association AdvaMed chose both for The Medtech Conference, which takes place next week. The September 27–30 conference includes a mixture of virtual presentations and in-person events in Washington, D.C., and Minneapolis. AdvaMed CEO Scott Whitaker mentioned several conference agenda highlights during a… […]
  • Varta launches online battery monitoring feature
    Battery maker Varta has launched a cloud computing feature to let customers remotely monitor battery charging, health and the temperature of the battery management system. While Varta makes microbatteries for medical devices such as hearing aids, the new online monitoring dashboard is meant for its “Easy Block” and “Easy Blade” modular smart batteries. The smart… […]
  • Bionaut Labs wins humanitarian use device designation to treat rare pediatric brain disorder
    The microrobotics startup Bionaut Labs has announced that FDA has granted a humanitarian use device designation for the device known as BNL-201 to treat a Dandy-Walker syndrome, a congenital brain malformation affecting the cerebellum. According to the National Organization for Rare Disorders, the syndrome affects one out of every 25,000 to 35,000 live births. There… […]
  • Integer plans $30 million innovation and manufacturing facility in Galway
    Integer Holdings Corp. (NYSE: ITGR) plans to build a medical device innovation and manufacturing facility in the Parkmore East area of Galway, Ireland. Plano, Texas–based Integer said the initial phase of the project will total 60,000 square feet and a $30 million investment over the coming years, with construction scheduled from 2022 to late 2023… […]
  • Accu-Tube appoints Matthew Haddle as CEO
    Accu-Tube today announced that it has appointed Matthew Haddle as its new CEO. Prior to joining the Englewood, Colorado-based company, Haddle was GM of industrial coating services and equipment at Praxair Surface Technology. He has also held senior management positions at Albany Engineered Composites and Accellent. Get the full story on our sister site, Medical… […]
  • LightDeck picks GS Plastic Optics for COVID-19 test ramp up
    LightDeck Diagnostics has selected GS Plastic Optics to make optical components for its new COVID-19 antibody testing platform. Boulder, Colorado–based LightDeck developed a screening platform to deliver results as quickly as five minutes for SARS-CoV-2 ultra-rapid antigen and COVID-19 total antibody tests, using a laser waveguide with a consumable cartridge for each testing sample.  Rochester,… […]
  • Hologic’s first Global Women’s Health Index flags preventative care for improvement
    An estimated 1.5 billion women have not been tested in the past year for critical diseases, according to Hologic’s first Global Women’s Health Index. On behalf of diagnostic maker Hologic, the Gallup World Poll surveyed more than 60,000 women and girls (age 15 and older) across the world to measure action and attitudes about women’s… […]
  • Medicine-saving Nanodropper makes history in Minnesota Cup win
    The Minnesota Cup has awarded its grand prize for innovative entrepreneurs to a student-led startup for the first time. Medical device developer Nanodropper took home top honors from the awards ceremony, held yesterday at the University of Minnesota. “We have created an eyedrop bottle adaptor that will save billions in medication waste, one drop at… […]
  • Medtronic’s Hugo team ‘waiting for the phone call’ for approval in Europe
    It sounds like European approval of Medtronic’s soft tissue robotically-assisted surgery system, Hugo, could come any day now. “We’re sitting at the tip of our chair waiting for the phone call that the product will be approved,” Medtronic EVP and EMEA President Rob ten Hoedt said Friday. Fridley, Minnesota-based Medtronic (NYSE:MDT) filed for European approval… […]
  • Ivy Brain Tumor Center sees promise in sonodynamic therapy for glioblastoma
    Ivy Brain Tumor Center and its partner Sonalasense have announced positive initial results in a first-in-human Phase 0/1 clinical trial involving recurrent glioblastoma patients. Sonalasense has developed a sonodynamic therapy (SDT) that pairs low-intensity ultrasound with chemotherapeutic agents known as sonosensitizers. The therapy is noninvasive. Data from the trial indicate that SDT swiftly causes targeted… […]
  • Former Theranos scientist testifies to blood test inaccuracies prior to Walgreens deal in Elizabeth Holmes trial
    A former Theranos scientist testified on the inaccuracies of the company’s device during Elizabeth Holmes’ federal fraud trial. Surekha Gangakhedhar worked at Theranos from 2005 to 2013 and reported directly to Holmes at one point. She testified on Friday that Holmes allegedly pressured her to validate blood test results to speed up a rollout of… […]

Leave a Reply