LOS ALTOS, Calif., Aug. 4 /PRNewswire/ -- 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 study present a unique profile," commented Skyline Ventures' David Lowe Ph.D. "The biology of INT131 and its 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 PPAR gamma anti-diabetic efficacy, and represents a new product and chemical class. INT131 is well positioned 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(R) comparator arm was initiated in February, 2008 and results are expected to be completed in 2H09.
About InteKrin (http://www.InteKrin.com):
InteKrin Therapeutics is a privately-held clinical-stage drug development company focused on diabetes, obesity and metabolic disease. InteKrin's business strategy is to build a robust portfolio of high value products by in- licensing clinical-stage therapeutic candidates that address significant unmet medical needs and rapidly move them through critical development stages. InteKrin's team of world-class scientific and medical experts includes veterans from several successful BioPharma organizations, internationally recognized experts in nuclear receptors and metabolism, top scientists formerly with the Food and Drug Administration and key clinical and commercialization leaders.
To learn more about InteKrin, visit http://www.InteKrin.com.
SOURCE InteKrin Therapeutics, Inc.