BOSTON – Intarcia Therapeutics recently closed Series EE equity funding for $206 million to build out its organization, have cash on hand for the launch of its implantable pump and keep the company private.
“Our company continues to cherish our privately held status,” said Intarcia CEO Kurt Graves. “It allows us to focus completely on execution and fully commit to the critical decisions and actions we must make to drive our key strategies and high impact initiatives for growth.”
Graves said the recent funding is part of $1.7 billion the company has raised since it launched in 2005.
Intarcia submitted a New Drug Application for approval of the ITCA 650 implantable pump by the U.S. Food and Drug Administration in November. The company hopes to launch the device next year.
Using Intarcia’s Medici Drug Delivery System, the ITCA 650 is a matchstick-sized pump that holds up to a year’s supply of exenafide, a drug commonly prescribed to control blood sugar in patients with Type 2 diabetes. The pump delivers a small amount of the medication for up to a year.
A trained health care professional implants the pump in an in-office procedure.
While Intarcia will market the pump for clinical use in the short-term, Graves said the device is well-suited for home health care.
“Our therapy is a perfect fit for home health care,” said Graves. “We’re just trying to figure out how to have the medication delivered for home care. We recognize it as a great opportunity.”
Intarcia also recently announced a relationship with the Bill & Melinda Gates Foundation to develop and advance an anti-HIV prophylactic. As part of its commitment, the Gates Foundation will invest up to $140 million, and, assuming success over time, additional grants will be made.
The mega-fundraising and relationship with the Gates Foundation means big things for Intarcia in the coming year, Graves said.
“The dream we had to come up with a new way to treat chronic diseases is really starting to come to reality,” he said. “We’re going to triple the size of the company in 2017.”