Bat­tered, cash hun­gry In­tec feels the burn of No­var­tis re­jec­tion

It’s a case of some bad tim­ing for In­tec.

Just when a key tri­al test­ing the com­pa­ny’s Ac­cor­dion drug de­liv­ery tech im­plod­ed in Parkin­son’s dis­ease, they hand­ed No­var­tis da­ta from a suc­cess­ful PK study of a cus­tom Ac­cor­dion pill en­gi­neered to de­liv­er a No­var­tis com­pound to en­tice the Swiss drug­mak­er in­to sign­ing a li­cens­ing agree­ment.

No­var­tis said thanks, but no thanks.

For the cash-strapped Is­raeli drug de­vel­op­er, the fail­ure to clinch the deal marks a big blow. As of the third quar­ter, the com­pa­ny has $15.7 mil­lion in cash and equiv­a­lents, which HC Wain­wright an­a­lysts es­ti­mate will keep the lights on in­to mid-2020.

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