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Gates Foundations announces $140 million investment in Intarcia for HIV prevention device
The Bill & Melinda Gates Foundation has participated in Series EE funding round of Intarcia for development of HIV prevention device. The Gates Foundation will invest $500 shortly and has announced additional $90 million tied to milestones that Intarcia will achieve in future. Intarcia has raised $206 during the current funding round. The company raised $2015 in September 2015.
Intarcia is also engaged in development of other technologies in healthcare. In November, Boston-based Intarcia submitted diabetes-treating micropump for the U.S. FDA approval. The company received $100 million payment tied to that milestone after it applied for FDA approval. The current funding from Gates & Melinda Foundation is for development of HIV prevention device.
The diabetes treatment micropump is based on Medici system and needs a replacement every six months. The company has also developed another micropump that requires replacement once in a year. Intarcia CEO Kurt Graves said that his company is preparing to bring its first investigational medicine for Type 2 diabetes in near future. The HIV prevention device will be based on once- or twice-yearly prophylactic therapy for HIV and will use Medici system.
Intarcia CEO Kurt Graves said, “With Medici, and each of our new once- or twice-yearly therapies, we’re aiming to solve some of the biggest unmet needs in the treatment and prevention of major chronic diseases that impact millions and millions of lives every day.” The HIV-drug micropump could be implanted under skin and will deliver drug.
Mitchell Warren, executive director of AVAC, a global HIV advocacy organization supported by the Gates Foundation expressed confidence in newer treatment option under development for HIV. He added that HIV prevention needs strong efforts for health agencies and local governments.
Gates Foundation CEO Sue Desmond-Hellmann said, “There’s a vital need for an HIV/AIDS intervention that allows those at risk to incorporate prevention more easily into their daily lives. We feel optimistic about our partnership with Intarcia and the prospect of an implantable prophylactic device that could make a world of difference for people most in need."
Intarcia Therapeutics was founded in 1995 under the name "BioMedicines" and changed to its present name in 2004. In April 2012, the company announced its intention to relocate its headquarters to the Boston-area.
As a part of its commitment, the Gates Foundation will invest up to $140M; $50M as a program-related investment into the Series EE round, with up to $90M in non-dilutive milestone-based grants tied to the HIV prophylactic program. Assuming success over time, additional grants will be made to ensure access to an important prophylactic for HIV.