Intarcia Announces Acquisition of Phoundry Pharmaceuticals
News Sep 28, 2015
As a result of the Phoundry acquisition and the separate Numab collaboration formed earlier this year, Intarcia will now have expanding intellectual property rights and three distinct near-term R&D programs targeting diabetes and obesity, including:
• ITCA 650 + Optimized Peptide 1 targeting Type 2 Diabetes and/or Obesity
• ITCA 650 + Optimized Peptide 2 targeting Type 2 Diabetes and/or Obesity
• ITCA 650 + Single Chain Antibody Fragment targeting Type 2 Diabetes and/or Obesity
“Incredible progress with ITCA 650 and our two pipeline deals this year have transformed the strategic outlook for the company, and put us in a position to build on ITCA 650 and advance a potentially leading portfolio of disruptive once or twice yearly combo therapies in diabetes and obesity,” stated Kurt Graves, Chairman, President and CEO of Intarcia Therapeutics. “We welcome the research team from Phoundry; both companies share a common vision that combination therapies of optimized peptides have the potential to mimic and extend the metabolic benefits and weight loss potential associated with bariatric surgery, all potentially delivered in our proprietary once or twice yearly mini-pumps. Phoundry’s team brings over 120 years of combined experience in peptide drug discovery and translational medicine insights that are invaluable to us in our target markets. Their team has a proven track record of producing medicines and they have worked for years to design optimized peptides to specifications that are a perfect fit for our targets and our mini-pump delivery systems. This acquisition represents a new and powerful engine of innovation for our company. With recent data showing up to 52% of the U.S. population now having type 2 diabetes or pre-diabetes,(1) and the incidence of obesity over 35% as well, there is an urgent and growing need for game changing therapies that truly disrupt the status quo trends and the devastating human and economic consequences.”
“We are excited about joining Intarcia, and combining our respective technologies,” explained Paul Feldman, CEO and co-founder of Phoundry Pharmaceuticals. “We’ve long held the belief that Intarcia’s continuous, zero order delivery platform is the ideal method for peptide administration. Combining our highly potent, selective and stable peptides with Intarcia’s ability to dial in the optimal dose for maximum efficacy, while eliminating regular self-injections with once or twice yearly administration, should set the stage for a number of novel, transformative medicines that can fundamentally change the standard of care and dramatically improve adherence with therapy over time.”
Intarcia will fund the acquisition via a combination of cash and stock. The parties agreed not to disclose the specific financial terms of the transaction. Intarcia will retain all Phoundry employees as well as presence in Research Triangle Park, NC, and expects to double head count within 12-18 months. Paul Feldman will become a member of Intarcia’s executive leadership team, serving as VP, Head of Discovery and Translational Medicine, while Andrew Young will become VP, Chief Scientific Officer and Ved Srivastava will assume the role of VP, Peptide Chemistry. In addition to the near-term priority focus on Diabetes and Obesity, both the Phoundry acquisition and the Numab collaboration formed earlier this year have additional R&D pipeline projects with potential in other serious chronic diseases.
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