Inotek Pharmaceuticals Corp received USD 21 million in equity and debt financing from various private equity firms. Current investors Devon Park Bioventures, Rho Ventures, Pitango Venture Capital, Care Capital and Medimmune Ventures gave capital commitments in the latest financing round. Horizon Technology Finance Corporation, meanwhile, provided USD 7 million in venture debt to the pharmaceutical company.
Inotek Pharmaceuticals is a Lexington, Massachusetts-based firm that develops treatment products for glaucoma. It would be using its latest proceeds to put Trabodenoson, its major product, to Phase 2 development. Trabodenoson is an eye drop that reduces intraocular pressure in glaucoma patients.
Inotek Chief Medical Officer Rudolf Baumgartner lauded the encouraging efficacy of the drug already in Phase 2 development. "Trabodenoson has already demonstrated very encouraging efficacy as a monotherapy as well as excellent safety and ocular tolerability, so we look forward to evaluating the drug's efficacy and safety when combined with latanoprost as part of our next Phase 2 study," he said
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