Intercept raises $25 million
This article was originally published in Scrip
Intercept Pharmaceuticals has raised $25 million in the second tranche of a $41 million financing round, led by Genextra, which began in May 2006. The financing will enable Intercept to complete Phase II clinical trials of its lead compound, the orally available farnesoid X receptor INT-747, of which three are currently underway in patients with primary biliary cirrhosis and diabetic patients with non-alcoholic fatty liver disease. The company said that with the backing of Genextra it will also be able to continue to advance its pipeline of other FXR and TGR5 agonists. In addition to the financing, which exceeded the company's expectations of $20.5 million, Dr Kenneth Noonan, a partner at LEK Consulting, has been appointed non-executive chairman of Intercept's board of directors. He succeeds James Mervis, who remains a director of the company.