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Intarcia Therapeutics, a one-time biotech unicorn that has been unable to secure approval for a diabetes implant, has lost the support of a major Chinese investor and is being forced to auction lab equipment for the cash it needs to remain in business.

China-based Luxin Venture Capital Group has written down to zero its investment in Intarcia, according to documents reviewed by STAT. Luxin invested $30 million in the company’s 2016 venture round.

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