InteKrin Therapeutics Inc., a Los Altos, Calif.-based metabolic drug company, has secured $18.25 million of a $20 million Series C round. Skyline Ventures led the round, and was joined by return backers like Sofinnova Ventures and OrbiMed Advisors. Existing shareholder Amgen did not participate.
InteKrin has now raised over $54 million since early 2007. www.intekrin.com
InteKrin Therapeutics, Inc., a clinical stage biopharmaceutical company focused on the development of products for diabetes, metabolism and obesity today announced it has completed the first close of a Series C venture financing for $18.25 million. The
financing was led by Skyline Ventures of Palo Alto, CA and Managing Director David Lowe Ph.D. of Skyline will join InteKrin's Board of Directors. Existing major investors Sofinnova Ventures and OrbiMed Advisors also significantly participated, as did other earlier investors.
The Company anticipates a second close of the Series C bringing the total for the round to $20 million to support the continued development of INT131, a non-TZD selective modulator of PPAR gamma (SPPARM) for treatment of Type II diabetes (T2DM).
“InteKrin is very pleased to have Skyline, a premier health care venture firm, lead its Series C financing,” remarked InteKrin's President and CEO Denny Lanfear. “This investment and the ongoing support of our existing investors including Sofinnova and OrbiMed will allow us to fully prepare INT131 for the initiation of
the Phase 3 studies in 1H10 and maintain our rapid development pace.”
“The nonclinical safety multiples seen with INT131 together with the strong efficacy seen in the Phase 2a sdy present a unique profile”, commented Skyline Ventures' David Lowe Ph.D. “The biology of INT131 and ts demonstrated ability to selectively modulate PPAR gamma promises to deliver to patients glucose
lowering efficacy without the safety compromises of currently available insulin sensitizers.”
INT131 was designed specifically to antagonize characteristic TZD adverse effects while retaining powerful PAR gamma anti-diabetic efficacy, and represents a new product and chemical class. INT131 is well ositioned to fulfill the unmet medical need for a safe treatment of insulin resistance, the key etiological feature in the onset and subsequent progression of T2DM and metabolic syndrome.
Phase 2a clinical efficacy data was presented in June 2008 at ADA and new nonclinical safety data will be presented next month at EASD. InteKrin's previously announced 360 patient, 24 week placebo controlled Phase 2b study with a 45mg Actos