Published on January 27, 2010 at 3:05 AM
Intercept Pharmaceuticals, Inc., a clinical stage biopharmaceutical company developing novel therapeutics for chronic fibrotic and metabolic diseases, today announced the completion of a $25 million Preferred Series B financing by its majority shareholder Genextra S.p.A.
Dr. Mark Pruzanski, founder, President and CEO commented, "This financing is recognition of the success we have had advancing our lead compounds INT-747 and INT-777. Genextra's strong backing will enable us to advance our clinical programs while continuing to build our pipeline of novel small molecules targeting FXR, TGR5 and other bile acid receptors."
In conjunction with the financing, Dr. Lorenzo Tallarigo, CEO of Genextra and Intercept director, is assuming the role of Chairman. Dr. Tallarigo stated, "This financing adds substantially to Genextra's investment in Intercept. With two positive Phase II studies last year, the company has made great progress in validating the therapeutic utility of INT-747 and the novel class of compounds it belongs to more broadly."
SOURCE Intercept Pharmaceuticals, Inc.