Intercept Pharmaceuticals Announces 2013 Financial Results

Intercept Pharmaceuticals Announces 2013 Financial Results

Conference Call Scheduled Monday, March 17th at 8:30 a.m. ET

NEW YORK, March 14, 2014 (GLOBE NEWSWIRE) -- Intercept Pharmaceuticals, Inc.
(Nasdaq:ICPT) (Intercept), a clinical stage biopharmaceutical company focused
on the development and commercialization of novel bile acid therapeutics to
treat chronic liver and intestinal diseases, today reported financial results
for the fourth quarter and full year ended December 31, 2013 and provided an
update on key development programs.

Summary of Key Programs, Updates and Anticipated Milestones

-- PBC Program:

  *POISE top-line results expected in March 2014
  *Phase 3 confirmatory trial planned to be initiated in 3Q 2014
  *NDA and MAA Filings for OCA in PBC anticipated end of 2014

-- FLINT Trial in NASH Stopped Early After Achieving Primary Efficacy Endpoint

  *Final results expected July 2014
  *Phase 3 program anticipated to begin in 1H 2015
  *Phase 2 DSP NASH trial enrollment completed; results anticipated 4Q 2015
  *Phase 2 lipid metabolism trial in NASH patients planned to be initiated in
    2H 2014

-- Proof of Concept Trial in Portal Hypertension (PESTO) Completed

  *Preliminary data indicate approximately 50% of patients had clinically
    meaningful reduction in HVPG
  *Additional data to be presented at EASL 2014

-- Proof of Concept Trial in Bile Acid Diarrhea (OBADIAH) Completed; Data to
be Presented at DDW 2014

-- Double-Blind Phase 2 Trial Planned to be Initiated in Primary Sclerosing
Cholangitis (PSC) in 2H 2014

-- Phase 1 Trial for INT-767, Dual FXR and TGR5 Agonist, Planned to be
Initiated in 4Q 2014

2013 Full-Year Financial Results

As ofDecember 31, 2013, our cash, cash equivalents and investment securities
available for sale totaledapproximately $144.8 million, compared to $110.2
millionatDecember 31, 2012.The net $34.6 million increase is primarily due
to the net proceeds of $61.2 million from a public equity offering and $4.9
million received from exercise of warrants and options offset by $28.0 million
in cash outflows from operations and $1.6 million expended in net additions to
fixed assets.Based upon our currently expected level of program commitment
and expected operating expenditures, we believe that we will be able to fund
our operations into the third quarter of 2015.

Net loss attributable to common stockholders for the full year 2013 was$67.8
million, or$3.76 per share, compared to a net loss of$46.3 million, or$7.36
per share, for the full year 2012. The 2013 net loss includes $9.4 million in
non-cash stock-based compensation expense, an increase of $6.1 million from
2012 and $28.4 million of non-cash warrant revaluation expense, an increase of
$3.8 million from 2012. During 2013 the Company increased its expenditures in
the OCA program by $6.0 million and increased its cash compensation expenses
by $3.3 million, primarily due to an overall increase in the personnel base by
19 employees.

Conference Call on March 17 at8:30 a.m. ET

We will hold our 2013 financial results and business update conference call
and webcast on Monday, March 17 at8:30 a.m. ET. The live event will be
available on the investor page of our website at http://ir.interceptpharma.com
or by calling (855) 232-3919 (toll-free domestic) or (315) 625-6894
(international) five minutes prior to the start time. A replay of the call
will be available on our website approximately two hours after the completion
of the call and will be archived for two weeks.

About Intercept

Intercept is a biopharmaceutical company focused on the development and
commercialization of novel therapeutics to treat orphan and more prevalent
liver and intestinal diseases utilizing its expertise in bile acid chemistry.
The company's lead product candidate, obeticholic acid (OCA), is a bile acid
analog and first-in-class agonist of the farnesoid X receptor (FXR). OCA is
being developed for a variety of chronic liver diseases including primary
biliary cirrhosis (PBC), nonalcoholic steatohepatitis (NASH), portal
hypertension, bile acid diarrhea and primary sclerosing cholangitis (PSC). OCA
has received orphan drug designation in both the United States and Europe for
the treatment of PBC and PSC. Intercept owns worldwide rights to OCA outside
of Japan and China, where it has out-licensed the product candidate to
Dainippon Sumitomo Pharma (DSP). For more information about Intercept, please
visit the Company's website at: www.interceptpharma.com.

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the clinical, preclinical and regulatory
developments for our product candidates, the anticipated results of our
clinical and preclinical trials and other development activities, potential
timeframes for our and our collaborators' clinical and preclinical trials and
other development activities, the clinical utility of our selected endpoint
and any potential consensus relating thereto, anticipated trends relating to
our financial position, and our strategic directives under the caption "About
Intercept." These "forward-looking statements" are based on management's
current expectations of future events and are subject to a number of important
risks and uncertainties that could cause actual results to differ materially
and adversely from those set forth in or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited to: the
initiation, cost, timing, progress and results of Intercept's development
activities, preclinical studies and clinical trials; the timing of and
Intercept's ability to obtain and maintain regulatory approval of OCA and any
other product candidates it may develop, and any related restrictions,
limitations, and/or warnings in the label of any approved product candidates;
Intercept's plans to research, develop and commercialize its product
candidates; the election by Intercept's collaborators to pursue research,
development and commercialization activities; Intercept's ability to attract
collaborators with development, regulatory and commercialization expertise;
Intercept's ability to obtain and maintain intellectual property protection
for its product candidates; Intercept's ability to successfully commercialize
its product candidates; the size and growth of the markets for Intercept's
product candidates and its ability to serve those markets; the rate and degree
of market acceptance of any future products; the success of competing drugs
that are or become available; regulatory developments in the United States and
other countries; the performance of third-party suppliers and manufacturers;
Intercept's need for and ability to obtain additional financing; Intercept's
estimates regarding expenses, future revenues and capital requirements and the
accuracy thereof; Intercept's use of the proceeds from its initial public
offering in October 2012 and its follow-on public offering in June 2013; the
loss of key scientific or management personnel; and other factors discussed
under the heading "Risk Factors" contained in Intercept's annual report on
Form 10-K for the year ended 2013 filed on March 14, 2014, as well as any
updates to these risk factors filed from time to time in Intercept's other
filings with the Securities and Exchange Commission. All information in this
press release is as of the date of the release, and Intercept undertakes no
duty to update this information unless required by law.

Intercept Pharmaceuticals, Inc.                                           
                                                       
Condensed Consolidated Statements of Operations                           
(In thousands, except per share data)                                     
                      Three Months Ended      Year Ended
                       December 31,            December 31,
                      2012        2013        2012        2013
                      (Unaudited) (Unaudited)            
                                                       
Licensing revenue      $405      $405      $2,446    $1,622
                                                       
Costs and expenses:                                     
Research and           4,787      9,583      16,183     27,941
development
General and            2,183      4,729      5,177      13,132
administrative
Total operating        $6,970    $14,312   $21,360   $41,073
expenses
                                                       
Other income (expense)                                  
Revaluation of         (24,187)   1,570      (24,626)   (28,441)
warrants
Other income           61         (31)       (103)      100
(expense), net
Net loss               $(30,691) $(12,368) $(43,643) $(67,792)
                                                       
Dividends on preferred (130)      --          (2,630)    --
stock, not declared
                                                       
Net loss attributable  $(30,821) $(12,368) $(46,274) $(67,792)
to common stockholders
Net loss per common
share, basic and       $(2.02)   $(0.64)   $(7.36)   $(3.76)
diluted:
Weighted average
number of shares of
common stock           15,223,010  19,343,880  6,283,238   18,028,731
outstanding, basic and
diluted:
                                                       
                                                       
Condensed Consolidated Balance Sheet Information                          
(In thousands)                                                            
                                            December 31,
                                            2012        2013
                                                       
                                                       
Cash, cash equivalents
and investment                               $110,194  $144,832
securities
Total assets                                 $112,179  $150,319
Working capital                              $98,814   $138,683
Deferred revenue,                            $12,162   $10,541
total
Warrant liability,                           $30,359   $50,112
total
Total liabilities                            $46,267   $67,912
Stockholders' equity                         $65,912   $82,406

CONTACT: For more information about Intercept, please contact
         Barbara Duncan or Senthil Sundaram, both of
         Intercept Pharmaceuticals at 1-646-747-1000.
        
         Media inquiries: media@interceptpharma.com
         Investor inquiries: investors@interceptpharma.com

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