Intarcia Therapeutics Names Kurt Graves Executive Chairman to Advance Strategic Interests and Broaden Commercial Goals - Graves chosen to provide strategic leadership to optimally address the company's full range of development, commercial and business development opportunities -
HAYWARD, Calif., Sept. 16 /PRNewswire/ -- The board of directors of Intarcia Therapeutics, Inc. ("Intarcia," the "Company") today announced the appointment of Kurt Graves as executive chairman of the board. In the newly created position, Mr. Graves will provide strategic leadership to the board and work closely with management as the Company seeks to advance into late stage development with its potential blockbuster asset, ITCA 650 (DUROS® continuous delivery of exenatide). His appointment follows a focused search for a highly regarded pharmaceutical executive with a track record of success based on keen market place insights, optimal commercial positioning, development and regulatory expertise, and astute business development and M&A initiatives.
"I'm excited about joining Intarcia's board based on the Company's potential to make a dramatic difference in patient outcomes in one of the largest and most important disease areas in the industry – type 2 diabetes. We have two breakthrough formulation and drug delivery platforms that have translated into a highly differentiated GLP-1 asset poised to enter into phase 3 trials early next year. Final phase 2 data will be presented at EASD next week and it is now a matter of elevating our sights to the level of the opportunities before us to capture the full upside for patients and investors," said Kurt Graves, newly appointed executive chairman of the board. He added, "I am impressed with the board's and the management team's commitment to win and maximize value going forward."
Intarcia's innovations center on its capability to stabilize proteins and peptides at above body temperatures and its ability to deliver drugs in a consistent, steady state manner via the DUROS delivery technology platform. The DUROS device is a subcutaneous, matchstick-size osmotic mini-pump with therapeutic applications currently under development in several different medical conditions and disease categories, including type 2 diabetes, and weight regulation to help control obesity. Through these efforts, the Company hopes to develop and commercialize therapies that ensure the best treatment outcome for patients by enhancing the efficacy and tolerability of medicines, eliminating the need for frequent injections, and transforming patient adherence by delivering up to a full year's worth of therapy in just one device.
"Kurt has the vision it takes to identify commercial opportunity in the face of very established competitive categories and break through the clutter with strategic precision," said K. Alice Leung, president and chief executive officer. "It is that type of vision and guidance that will help us fully realize our mission and our business aspirations, including moving our lead diabetes program, ITCA 650, into Phase 3 clinical trials and pre-commercialization."
Regarded by many as a one of the pharmaceutical industry's most successful commercial strategists, Mr. Graves most recently served as executive vice president, head of corporate and strategic development and chief commercial officer at Vertex Pharmaceuticals Inc. During his tenure, the market cap increased from $2 billion to nearly $8 billion based on advancing several blockbuster potential drugs and completing several strategic transactions. Prior to joining Vertex, Mr. Graves held various senior leadership positions at Novartis Pharmaceuticals since 1999 including US general manager and head of Commercial Operations and then global head of the General Medicines and chief marketing officer for the Pharmaceuticals Division, during a period of record growth and multiple blockbuster launches. Prior to joining Novartis, Mr. Graves held various commercial and general management positions since 1990 at Merck and Astra/Merck Pharmaceuticals including US GI Business Unit Head, another multi-billion dollar business with responsibility for Prilosec®, Nexium® and the Prilosec OTC alliance with P&G.
In addition to his new post as executive chairman of Intarcia Therapeutics, Mr. Graves serves as a director at Pulmatrix Pharmaceuticals, Alevium Pharmaceuticals, and Entra Therapeutics. Mr. Graves earned his B.S. in Biology from Hillsdale College and has attended numerous executive leadership programs at Harvard, Wharton School of Management and University of Michigan.
Intarcia Therapeutics, Inc. is a biopharmaceutical company developing therapies to ensure enhanced treatment outcome by optimizing patient adherence and improving the efficacy, convenience and tolerability of drug therapies. Intarcia's drug development expertise and competitive edge are demonstrated by its abilities to stabilize proteins and peptides at above body temperature and to deliver them in a constant and consistent manner via the proprietary DUROS drug delivery platform. Intarcia is pursuing a clinical stage development program for type 2 diabetes and has other programs for weight regulation to control obesity.
Intarcia and its logo are registered trademarks of Intarcia Therapeutics, Inc. DUROS is a registered trademark of ALZA Corporation licensed to Intarcia Therapeutics, Inc. in certain fields.
SOURCE Intarcia Therapeutics, Inc.