Instead, the huge new round consisting of $160 million in equity capital and $50 million in debt gives Intarcia cash to fund Phase III trials on ITCA-650, while maintaining full rights to a compound for which Graves says the regulatory risk is “as close to zero” as any project he’s encountered. Five institutional investors, including hedge fund operator The Baupost Group, debt specialist Farallon Capital management, multinational fund manager Fidelity Investments, and two other unnamed East Coast-based funds, joined existing backers New Enterprise Associates, New Leaf Venture Partners, and Venrock in the round.
Did he mean "as close to zero" chance of approval ?