(Reuters) - Intarcia Therapeutics Inc said on Monday it submitted a marketing application for its matchstick-size implantable drug-delivery pump for diabetes to the U.S. Food and Drug Administration.
Privately held Intarcia, which clinched a royalty-based financing deal last year valuing the company at about $5.5 billion, is developing ITCA 650 in partnership with French pharmaceutical company Servier.
Intarcia's ITCA 650, which is designed as a once or twice-yearly therapy for type 2 diabetes, has been proven to be more effective than Merck & Co Inc's blockbuster diabetes drug, Januvia, in controlling blood sugar levels.
ITCA 650 could pose a challenge to large drugmakers such as Novo NordiskA/S, AstraZenecaPlc, SanofiSAand Eli Lilly& Cothat sell similar so-called GLP-1 drugs as daily or weekly injections.
GLP-1 drugs are analogues that stimulate insulin production.
The company said, if approved, ITCA 650 would be the first and only injection-free GLP-1 therapy.
Intarcia said last year that it had plenty of funds for a potential launch of the device around mid-2017.
(Reporting by Divya Grover; Editing by Martina D'Couto)