Intarcia Therapeutics said today that it raised a $206m Series EE round and inked a deal with the Bill & Melinda Gates Foundation to fight HIV in emerging nations.
It’s the 2nd of 3 tranches in an ongoing round for Intarcia, which is developing a drug-delivery platform called Medici, a match-sized osmotic pump designed to be placed under the skin during an in-office procedure. The 1st tranche in September brought in $215 million.
The Gates Foundation contributed some $140 million to the most recent round, Cambridge, Mass.-based Intarcia said; the 3rd round is slated to close during the 1st quarter next year.
“Thanks to tremendous financing progress, an even stronger shareholder base, our recent NDA submission in Type II diabetes, and now a groundbreaking relationship with the Bill & Melinda Gates Foundation, Intarcia is poised to open up a totally new category of important once- or twice-yearly treatment and prevention therapies for some of the world’s most serious chronic diseases − including those that disproportionately affect people with some of the greatest unmet needs,” chairman, president & CEO Kurt Graves said in prepared remarks. “Over the last 5 years, we have successfully brought to life the vision and promise of our disruptive Medici technology platform, and an expanding pipeline of novel therapeutics. With Medici, and each of our new once- or twice-yearly therapies, we’re aiming to solve some of the biggest unmet needs in the treatment and prevention of major chronic diseases that impact millions and millions of lives every day.
“We look forward to working with health and regulatory authorities in preparing to bring our 1st investigational medicine to patients with Type II diabetes next year. With our new strategic initiative in HIV prevention, we are also tremendously excited and humbled to work with an incredible organization as smart, forward-looking and purpose-based as the Bill & Melinda Gates Foundation,” Graves said.
Intarcia said the Gates investment involves an initial $50 million contribution for the HIV project, with another $90 million on the table in non-dilutive grants pegged to milestones for the program.
“There’s a vital need for an HIV/AIDS intervention that allows those at risk to incorporate prevention more easily into their daily lives. We feel optimistic about our partnership with Intarcia and the prospect of an implantable prophylactic device that could make a world of difference for people most in need,” added Gates Foundation CEO Sue Desmond-Hellmann.