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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

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

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