Source: SOURCE Intarcia Therapeutics, Inc. and reported by http://www.prnewswire.com/
BOSTON, Sept. 24, 2015 /PRNewswire/ -- Intarcia Therapeutics, Inc. today announced the acquisition of Phoundry Pharmaceuticals, Inc., a privately held biotechnology company based in Research Triangle Park, North Carolina. Founded in 2015 after six years of work as part of the Enteroendocrine Discovery Performance Unit of GlaxoSmithKline, Phoundry Pharmaceuticals has created a portfolio of optimized peptides in various therapeutic categories, most notably diabetes and obesity.
Phoundry enhances Intarcia's internal efforts to build upon the differentiated clinical success of its Phase 3 investigational therapy, ITCA 650, the first injection-free GLP-1 therapy with the potential to deliver up to a full year of treatment from a single placement.
As a result of the Phoundry acquisition and the separate Numab collaboration formed earlier this year, Intarcia will now have expanding intellectual property rights and three distinct near-term R&D programs targeting diabetes and obesity, including:
- ITCA 650 + Optimized Peptide 1 targeting Type 2 Diabetes and/or Obesity
- ITCA 650 + Optimized Peptide 2 targeting Type 2 Diabetes and/or Obesity
- ITCA 650 + Single Chain Antibody Fragment targeting Type 2 Diabetes and/or Obesity
"Incredible progress with ITCA 650 and our two pipeline deals this year have transformed the strategic outlook for the company, and put us in a position to build on ITCA 650 and advance a potentially leading portfolio of disruptive once or twice yearly combo therapies in diabetes and obesity," stated Kurt Graves, Chairman, President and CEO of Intarcia Therapeutics. "We welcome the research team from Phoundry; both companies share a common vision that combination therapies of optimized peptides have the potential to mimic and extend the metabolic benefits and weight loss potential associated with bariatric surgery, all potentially delivered in our proprietary once or twice yearly mini-pumps.
Read more: http://www.prnewswire.com/news-releases/intarcia-announces-acquisition-of-phoundry-pharmaceuticals---second-pipeline-deal-of-2015-secures-novel-peptide-therapeutics-to-combine-with-itca-650-targeting-next-gen-diabetes--obesity-therapies-300147573.html