Intarcia Therapeutics, Inc. 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
Kurt Graves, Chairman, President and CEO of Intarcia Therapeutics said, “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.
“This acquisition represents a new and powerful engine of innovation for our company,” says Graves. “With recent data showing up to 52% of the U.S. population now having type 2 diabetes or pre-diabetes, and the incidence of obesity over 35% as well, there is an urgent and growing need for game changing therapies that truly disrupt the status quo trends and the devastating human and economic consequences.”
“We are excited about joining Intarcia, and combining our respective technologies,” explained Paul Feldman, CEO and co-founder of Phoundry Pharmaceuticals. “We’ve long held the belief that Intarcia’s continuous, zero order delivery platform is the ideal method for peptide administration. Combining our highly potent, selective and stable peptides with Intarcia’s ability to dial in the optimal dose for maximum efficacy, while eliminating regular self-injections with once or twice yearly administration, should set the stage for a number of novel, transformative medicines that can fundamentally change the standard of care and dramatically improve adherence with therapy over time.”