With our landmark $210 million financing in place, we not only have preserved our vision for our Company, but we also have taken a major step closer to bringing potentially revolutionary benefits to millions of diabetes patients, payors and physicians around the world. This news has positive ramifications for all our stakeholders. But it has a special significance to the people of Intarcia. I salute each of you for your passionate commitment to what we have believed all along – our ability to transform and reshape the standard of care in major chronic diseases such as diabetes. This financing is our opportunity to renew and strengthen our commitment to fulfill the promise of our science, our technology, and our talent for the benefit of millions of patients. My congratulations and continuing respect to everyone on our team, and my deep appreciation to all our investors – old and new – who share our vision and our excitement in what lies ahead.
There are many ways to look at financing. The most literal is quantitative, and in that view we estimate our financing to be the largest for a private biotech ever. Another way to look at it is qualitatively, and in this view Intarcia retains full strategic and financial control for global development of our lead diabetes program, ITCA 650, and under those circumstances we plan to initiate our global Phase 3 program with Quintiles in 1Q 2013.
But perhaps the most important way to look at financing is the value it delivers to society – the net benefit accrued to patients because this money was invested in our mission. In this ‘Corporate Social Responsibility’ view of investment we are extremely heartened by the game-changing potential outcomes of our Phase 3 program. If approved, ITCA 650 would be the first once-yearly, injection-free GLP-1 therapy. It potentially could provide millions of people with diabetes around the world a new level of control, protection and freedom from this burdensome and devastating disease. One day we aim to prove our therapy can even be used to prevent and delay the onset of type 2 diabetes in high-risk individuals. That would be truly amazing given the global impact of this disease – and that is what makes what we are doing truly exciting, transformational and fulfilling!
As you may know, we fully evaluated and compared multiple strategic options to advance the company and maximize shareholder value, and I can assure you we chose to align with the most elite group of public institutional investors we had imagined possible. Even better, they share our vision for ITCA 650 in the diabetes marketplace, they see the potential of our technology more broadly, and this level of financing clearly expresses their confidence in our ability to shepherd ITCA 650 successfully through clinical trial development, and to strike an optimal set of collaborations needed to make ITCA 650 a global market success.
The entrepreneurial excitement of our Company, our mission, and our accountability just elevated to a whole new level. I’m extremely proud of our tenacity, our creativity, and our will to win. 2013 promises to be an amazing year of progress that builds upon the hard work and success of this year’s efforts. Thanks to all our stakeholders for your continued support and trust. Now it is time for each of us within Intarcia to ‘grab the wheel’ and flawlessly execute our plans to bring this medicine to market safely and as fast as possible.
Chairman, President and CEO