Inotek Pharmaceuticals Corp., a leader in the development of innovative drug candidates to address significant diseases of the eye, today announced it has closed an $18 million preferred stock financing. Proceeds from the financing will be used to advance Inotek’s novel eye-drop INO-8875 through multiple-dose Phase 2 clinical trials in glaucoma. In an earlier Phase 1/2 clinical trial, INO-8875 was shown to significantly reduce intraocular pressure in glaucoma patients. Devon Park Bioventures, a new investor, led the round with participation from existing investors Rho Ventures, Care Capital, Pitango Venture Capital, MedImmune Ventures, and Bio*One Capital.
“We are pleased to receive such financial support from Devon Park and our current investors to advance the clinical development of INO-8875, including the initiation of a multiple-dose Phase 2 clinical trial later this month,” stated Paul G. Howes, President and Chief Executive Officer of Inotek. “INO-8875 is a first-in-class product candidate with an elegant mechanism of action that differentiates it from currently approved products for glaucoma as well as other candidates in development. As a highly selective adenosine-1 receptor agonist, INO-8875 enhances outflow through the major pathway used by healthy elderly eyes – the trabecular meshwork – to reduce intraocular pressure. With continued clinical success, we believe INO-8875 could play an important role in meeting the need for improved treatments for glaucoma.”
“We believe INO-8875 is one of the most promising glaucoma product candidates in clinical development today,” said John Leaman, M.D., Principal at Devon Park Bioventures. “The Inotek team has made considerable progress advancing the candidate to date and we look forward to working with them as INO-8875 moves into later-stage clinical trials.”
In conjunction with the financing, John Leaman has joined Inotek’s Board of Directors.