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news.Intercept Pharmaceuticals, a clinical-stage biopharmaceutical company, has completed a $25 million equity financing by Genextra. This financing was in lieu of the previously contemplated $20.5 million second tranche investment under the Genextra-led $41 million financing announced in May 2006.
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In association with the financing, Kenneth Noonan, partner at LEK Consulting, has been named non-executive chairman of Intercept’s board of directors. In this capacity he succeeds James Mervis who remains a director of the company.
Patient enrollment is well underway in three Phase II clinical trials of INT-747, Intercept’s first-in-class farnesoid X receptor agonist. The clinical program of INT-747 consists of two studies in patients with primary biliary cirrhosis, a chronic autoimmune liver disease, and a third study in Type 2 diabetic patients with nonalcoholic fatty liver disease.
Mark Pruzanski, Intercept’s founder, president and CEO, said: “Genextra’s strong backing will enable us to complete our Phase II clinical trials while continuing to advance our pipeline of internally discovered novel FXR and TGR5 agonists.”