STAT+: After repeated FDA rejections, key investor writes down stake in former diabetes unicorn Intarcia Therapeutics
Intarcia Therapeutics, a one-time biotech unicorn that has been unable to secure approval for a diabetes implant, has lost the support of a major Chinese investor and is being forced to auction lab equipment for the cash it needs to remain in business.
China-based Luxin Venture Capital Group has written down to zero its investment in Intarcia, according to documents reviewed by STAT. Luxin invested $30 million in the company’s 2016 venture round.