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PRESS RELEASE
Wednesday, December 1 2004 Company Press Release SOURCE: : Intarcia Therapeutics, Inc.
Intarcia Closes $50M Private Financing Intarcia Names David Ebersmen, Joel Kellman And Glen Sato To Board Of Directors Emeryville, CA, December 1, 2004 - Intarcia Therapeutics Inc., a privately held, biopharmaceutical company, today announced that it has raised $50 million in a Series E financing. Key investors of the Series E financing included Alta Partners, New Enterprise Associates, Granite Global Venture and Venrock Associates. Granite Global, an expansion stage investor with offices in Silicon Valley and Asia, is making its initial investment into Intarcia. Alta, NEA and Venrock are existing investors. "We are pleased by the confidence and support from both new and existing investors that this investment represents," noted Alice Leung, President and CEO of Intarcia. "It is a substantial validation of Intarcia’s product candidates and business model." As a result of the financing, Intarcia will continue to advance the development of its key clinical programs in breast cancer and Hepatitis C. "The $50 million raised in this round will allow us to achieve a number of key clinical milestones and will provide additional strategic flexibility," said Alice Leung. Concurrent with the Series E financing, Intarcia also announced that David Ebersman, Joel Kellman and Glen Sato have been appointed to the Board of Directors. "David’s financial acumen and insight will be a valuable asset to Intarcia’s Board of Directors," said Alice Leung. "In addition, Glen brings tremendous global business experience to our board. Joel’s legal background and expertise in the Asian markets will be extremely useful in our efforts at Intarcia." David Ebersman joined Genentech in 1994 and previously held several positions in Business Development and Product Development. David was named Senior Director of Product Development in 1998, Vice President of Product Development in 1999 and Senior Vice President of Product Operations in 2001. He became a member of Genentech's Executive Committee in March 2004. Before joining Genentech, Ebersman served as a Research Analyst covering biotechnology investments at Oppenheimer & Company, Inc. (now CIBC World Markets). As CFO of Genentech, Ebersman will be responsible for Genentech's Financial, Corporate Relations, Investor Relations and Information Technology groups. He is a member of Genentech’s executive committee and holds a Bachelor of Arts degree in economics and international relations from Brown University. Joel Kellman is a founding Managing Director of Granite Global Ventures. Previously, he was a founder and longtime partner of the Silicon Valley lawfirm, Fenwick & West LLP. Since 1996, he served as an advisor to "Singapore Inc." and was a member of the Board of Directors of Venture TDF there. Joel also co-founded KLM Capital, a cross-border venture capital fund and Utah Ventures. He is a graduate of SUNY Binghamton and St. john’s University Law School and received an LLM in Foreign and Comparative Law from NYU. Joel is Granite Global’s Board representative for its investments in QPass, 2Wire, Xenoport and, prior to its acquisition by Allergan, for Oculex Pharmaceuticals. Glen Sato has been Protein Design Lab’s Senior Vice President and Chief Financial Officer since May 2003. He joined PDL from Exelixis, Inc., where he had served as Chief Financial Officer and General Counsel since November 1999. Previous to Exelixis, he served in various legal and strategic planning positions at PDL, most recently as Vice President, Legal and General Counsel. During his previous tenure at PDL, Mr. Sato was responsible for SEC reporting and compliance, disclosure issues, intellectual property licensing and licensing strategy, general corporate counseling, insider trading compliance and intellectual property protection. Glen received his Bachelor of Arts from Wesleyan University, and his J.D. and M.B.A. from UCLA. Intarcia also announced that Brian Atwood and Paul Nicholson were stepping down from their positions as board members of Intarcia. "We would like to thank Brian and Paul for their service to Intarcia. Their advice and counsel over the years has been invaluable to the Company," said Alice Leung. About Intarcia # # # Contact: James Ahlers
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