InteKrin Therapeutics, Inc., a Palo Alto company developing products to counter diabetes, metabolism and obesity, said it has raised $23 million in venture financing.

The financing was led by Sofinnova Ventures and included Orbimed Advisors and Vivo Ventures, as well as earlier investors Asset Management and Sears Capital Management. The round will fund the clinical development of InteKrin’s lead drug candidate, INT131, targeting type II diabetes, the company said.

(This story first posted 1/12)