Intercept Announces Departure Of Chief Financial Officer

The following excerpt is from the company's SEC filing.
  Rocco Venezia Appointed Chief Accounting Officer and Acting CFO -
  Intercept Reiterates 2021 Financial Guidance -
YORK, March 10, 2021
– Intercept Pharmaceuticals, Inc. (Nasdaq:ICPT), a biopharmaceutical company focused on the
development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, today announced that Sandip
Kapadia, Chief Financial Officer, will leave Intercept to pursue another opportunity. Mr. Kapadia will continue to serve as Chief
Financial Officer until his departure on March 26, 2021. The Company also announced Mr. Rocco Venezia will be appointed Chief Accounting
Officer and will serve as acting Chief Financial Officer until a permanent replacement is announced.
“Sandip joined Intercept shortly after the approval of
Ocaliva in the U.S. and played an important role supporting the growth of the Company from a clinical stage to a commercial organization,”
said Jerry Durso, President and Chief Executive Officer of Intercept. “On behalf of the Intercept team, I want to thank Sandip
for his contributions. Sandip has built a talented and experienced team at Intercept, and I’m very pleased to announce that
Rocco Venezia will be appointed Chief Accounting Officer. Rocco has served as Intercept’s Controller since 2016 and brings
over 20 years of relevant finance and accounting experience to the role.”
“I want to thank my colleagues at Intercept for their
partnership over the years as we built the Ocaliva franchise and advanced the NASH program to bring important therapies to patients
with non-viral liver diseases,” said Mr. Kapadia. “I’m confident the team, under Jerry’s leadership, will
continue to achieve its objectives and deliver long-term value to investors, healthcare providers and patients.”
Mr. Kapadia’s departure is not related to Intercept’s
operations, financial reporting or controls and the Company reiterates its full year 2021 financial guidance.

is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral
liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Founded in 2002 in New York,
Intercept has operations in the United States, Europe and Canada. For more information, please visit
or connect with the company on
Note Regarding Forward-Looking Statements
This press release contains forward-looking
statements, including, but not limited to, statements regarding the progress, timing and results of our clinical trials, including
our clinical trials for the treatment of nonalcoholic steatohepatitis (“NASH”), the safety and efficacy of our approved
product, Ocaliva (obeticholic acid or “OCA”) for primary biliary cholangitis (“PBC”), and our product candidates,
including OCA for liver fibrosis due to NASH, the timing and acceptance of our regulatory filings and the potential approval of
OCA for liver fibrosis due to NASH, the review of our New Drug Application for OCA for the treatment of liver fibrosis due to NASH
by the U.S. Food and Drug Administration (“FDA”), our intent to work with the FDA to address the issues raised
in a complete response letter (“CRL”), the potential commercial success of OCA, as well as our strategy, future operations,
future financial position, future revenue, projected costs, financial guidance, prospects, plans and objectives.
These statements constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “possible,”
“continue” and similar expressions are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement except
as required by law. These forward-looking statements are based on estimates and assumptions by our management that, although believed
to be reasonable, are inherently uncertain and subject to a number of risks.
The following represent some, but not
necessarily all, of the factors that could cause actual results to differ materially from historical results or those anticipated
or predicted by our forward-looking statements: our ability to successfully commercialize Ocaliva for PBC; our ability to maintain
our regulatory approval of Ocaliva for PBC in the United States, Europe, Canada, Israel, Australia and
other jurisdictions in which we have or may receive marketing authorization; our ability to timely and cost-effectively file for
and obtain regulatory approval of our product candidates on an accelerated basis or at all, including OCA for liver fibrosis due
to NASH following the issuance of the CRL by the FDA; any advisory committee recommendation or dispute resolution determination
that our product candidates, including OCA for liver fibrosis due to NASH, should not be approved or approved only under certain
conditions; any future determination that the regulatory applications and subsequent information we submit for our product
candidates, including OCA for liver fibrosis due to NASH, do not contain adequate clinical or other data or meet applicable regulatory
requirements for approval; conditions that may be imposed by regulatory authorities on our marketing approvals for our products
and product candidates, including OCA for liver fibrosis due to NASH, such as the need for clinical outcomes data (and not just
results based on achievement of a surrogate endpoint), any risk mitigation programs such as a REMS, and any related restrictions,
limitations and/or warnings contained in the label of any of our products or product candidates; any potential side effects associated
with Ocaliva for PBC, OCA for liver fibrosis due to NASH or our other product candidates that could delay or prevent approval,
require that an approved product be taken off the market, require the inclusion of safety warnings or precautions, or otherwise
limit the sale of such product or product candidate, including in connection with the newly identified safety signal relating to
Ocaliva identified by the FDA in May 2020; the initiation, timing, cost, conduct, progress and results of our research and development
activities, preclinical studies and clinical trials, including any issues, delays or failures in identifying patients, enrolling
patients, treating patients, retaining patients, meeting specific endpoints in the jurisdictions in which we intend to seek approval
or completing and timely reporting the results of our NASH or PBC clinical trials; the outcomes of ongoing discussions with the
FDA and European Medicines Agency regarding the feasibility of the COBALT and 401 trials; our ability to establish and maintain
relationships with, and the performance of, third-party manufacturers, contract research organizations and other vendors upon whom
we are substantially dependent for, among other things, the manufacture and supply of our products, including Ocaliva for PBC and,
if approved, OCA for liver fibrosis due to NASH, and our clinical trial activities; our ability to identify, develop and successfully
commercialize our products and product candidates, including our ability to successfully launch OCA for liver fibrosis due to NASH,
if approved; our ability to obtain and maintain intellectual property protection for our products and product candidates, including
our ability to cost-effectively file, prosecute, defend and enforce any patent claims or other intellectual property rights; the
size and growth of the markets for our products and product candidates and our ability to serve those markets; the degree of market
acceptance of Ocaliva for PBC and, if approved, OCA for liver fibrosis due to NASH or our other product candidates among physicians,
patients and healthcare payors; the availability of adequate coverage and reimbursement from governmental and private healthcare
payors for our products, including Ocaliva for PBC and, if approved, OCA for liver fibrosis due to NASH, and our ability to obtain
adequate pricing for such products; our ability to establish and maintain effective sales, marketing and distribution capabilities,
either directly or through collaborations with third parties; competition from existing drugs or new drugs that become available;
our ability to prevent system failures, data breaches or violations of data protection laws; costs and outcomes relating to any
disputes, governmental inquiries or investigations, regulatory proceedings, legal proceedings or litigation, including any securities,
intellectual property, employment, product liability or other litigation; our collaborators’ election to pursue research,
development and commercialization activities; our ability to establish and maintain relationships with collaborators with development,
regulatory and commercialization expertise; our need for and ability to generate or obtain additional financing; our estimates
regarding future expenses, revenues and capital requirements and the accuracy thereof; our use of cash and short-term investments;
our ability to acquire, license and invest in businesses, technologies, product candidates and products; our ability to attract
and retain key personnel to manage our business effectively; our ability to manage the growth of our operations, infrastructure,
personnel, systems and controls; our ability to obtain and maintain adequate insurance coverage; the impact of COVID-19, including
any impact on our results of operations or financial position, related quarantines and government actions, delays relating to our
regulatory applications, disruptions relating to our ongoing clinical trials or involving our contract research organizations,
study sites or other clinical partners, disruptions relating to our supply chain or involving our third-party manufacturers, distributors
or other distribution partners, facility closures or other restrictions, and the extent and duration thereof; the impact of general U.S. and
foreign economic, industry, market, regulatory or political conditions, including the potential impact of Brexit; and the other
risks and uncertainties identified in our periodic filings filed with the U.S. Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended December 31, 2020.
For more information about Intercept, please contact: 
Source: Intercept Pharmaceuticals,

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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