Intec Pharma raises $10m in private placement
13 Mar, 2017 8:17
The Israeli biopharma company has developed an oral drug delivery system to improve the efficacy and safety of drugs by utilizing an efficient gastric retention and release mechanism.
Israeli clinical-stage biopharmaceutical company Intec Pharma Ltd. (Nasdaq: NTEC ,TASE: NTEC) has raised $10 million in a private placement. Participating in the offering were senior managers at the Jerusalem based company including chairman of the board of directors John Kozarich, and two other directors – founder Zvika Joseph and former CEO Giora Carni. Intec Pharma placed 2,289,638 ordinary shares of the company, at a price of $4.40 per share, for gross proceeds of about $10 million.
Nasdaq picture: Bloomberg
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Intec Pharma develops drugs based on its proprietary Accordion Pill platform technology. The Accordion Pill is an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and specific release mechanism.
The company’s product pipeline currently includes three product candidates in clinical trial stages: Accordion Pill Carbidopa/Levodopa, or AP-CD/LD, which is being developed for the treatment of Parkinson’s disease symptoms in advanced Parkinson’s disease patients, currently in Phase III, Accordion Pill Zaleplon, or AP-ZP, which is being developed for the treatment of insomnia, including sleep induction and sleep maintenance, and an Accordion Pill that is being developed for the prevention and treatment of gastroduodenal and small bowel ulcers induced by Nonsteroidal Anti-Inflammatory Drugs. In addition, an Accordion Pill for cannabinoid therapies (AP-CBD/THC) will enter Phase I clinical trials in the first quarter of 2017.
Published by Globes [online], Israel business news – www.globes-online.com – on March 12, 2017