Drug delivery play Intec raises $50M

Intec Pharma Ltd. (Tel Aviv:NTEC; NASDAQ:NTEC) jumped $0.65 (13%) to $5.50 on NASDAQ after raising $50 million through the sale of 10.6 million shares at $4.70 in a follow-on underwritten by Oppenheimer, Roth Capital Partners and Maxim Group. The price is a 4% discount to Intec’s close of $4.90 on Tuesday, when it proposed the offering after hours. Intec, which has an average daily trading volume of 14,650 on NASDAQ, ended the day with a market cap of $133.9 million. On Wednesday, 1.1 million shares of the stock traded hands in New York.

Intec expects to report data in 2H18 from a Phase III trial of Accordion Pill Carbidopa-Levodopa (AP-CD/LD) to treat Parkinson’s disease. The company hopes to seek regulatory approval based on that data in 2019. In a crossover Phase II trial, two dose regimens of the gastric retention formulation of carbidopa and levodopa met the primary endpoint of reducing PD patients' total daily "off' time. Compared to optimized levodopa treatment, those doses lowered "off" time by 44% and 45% (p<0.0001)...