The financing was led by Skyline Ventures of Palo Alto, California, and managing director David Lowe 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 peroxisome proliferator-activated receptor gamma for treatment of type 2 diabetes.
Denny Lanfear, president and CEO of InteKrin, said: “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 III studies in 1H10 and maintain our rapid development pace.”