Intercept Pharmaceuticals
New York
Founder: Dr. Mark Pruzanski
VC Investment over the last four quarters: $25 million
Founded in 2002, the 25-employee biopharmaceutical company is in the process of developing therapeutic treatment of chronic fibrotic and metabolic diseases. Despite the downturn, the company raised significant funding this year. Sticking to a tight budget, Intercept expects to have enough cash resources to fund its operations until 2010.
Key to startup success: "Be persistent. Intercept was founded just before the last major downturn for biotech, which lasted through 2003 and venture capital completely dried up for new early-stage startups. [We] remained passionately dedicated to the company and persisted even though it took more than a year to secure financing."
