Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) Files An 8-K Other EventsItem 8.01. Other Events.
On March 26, 2018, Intercept Pharmaceuticals, Inc. (the “Company”) announced that the Supreme Court of the State of New York, County of New York, granted the defendants’ motion and dismissed with prejudice the derivative lawsuit purportedly brought on behalf of the Company, >Solak v. Fundaro, et al. This lawsuit, which was filed by a putative stockholder of the Company on August 4, 2017, purported to assert derivative claims on behalf of the Company against the Company’s directors for breach of fiduciary duty, waste and unjust enrichment arising out of the Company’s non-executive director compensation practices. The ruling remains subject to appeal.
About Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT)
Intercept Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company’s product candidates have the potential to treat orphan and more prevalent diseases for which there are limited therapeutic solutions. The Company’s product candidate, obeticholic acid (OCA), is a bile acid analog, a chemical substance that has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR). The Company is developing OCA for the treatment of liver diseases, such as primary biliary cirrhosis (PBC), non-alcoholic steatoheptitis (NASH), primary sclerosing cholangitis (PCS) and biliary atresia. The Company is also developing other products INT-767 for the treatment of fibrosis and INT-777 for the treatment of type 2 diabetes.