Inotek Pharmaceuticals Raises $21 Million for Ongoing Clinical Development of Novel Eye Drop
Inotek Pharmaceuticals Corporation closed on a $21 million financing, the proceeds of which will be used to advance the company’s lead product, trabodenoson, through phase 2 studies. Trabodenoson is a novel eye drop that reportedly increases aqueous fluid outflow via the trabecular meshwork. According to a news release, Inotek expects to initiate a phase 2 study later this year designed to evaluate the efficacy and safety of the drug when combined with latanoprost for individuals whose IOP is not well controlled by latanoprost alone.
All of the company’s existing investors, including Devon Park Bioventures, Rho Ventures, Care Capital, Medimmune Ventures, and Pitango Venture Capital, reportedly participated in the financing. Inotek concurrently secured $7 million in venture debt led by Horizon Technology Finance Corporation.
In a recently completed multidose phase 2 study, trabodenoson alone significantly reduced IOP and achieved efficacy in the range of the market’s leading prostaglandin analogues such as latanoprost, according to Inotek.
“Based on the trabodenoson data that I have reviewed to date, this molecule has the potential to be an important addition to the tools we now have to reduce intraocular pressure and ideally the attendant optic nerve neuropathy that leads to vision loss in patients with glaucoma,” Jonathan Myers, MD, associate attending surgeon on the Glaucoma Service at Wills Eye Hospital and associate professor of ophthalmology at Jefferson Medical College, said in a news release. “I am excited to see the company investing in additional studies, which are needed to confirm this early promise and to move the product closer to eventual availability for glaucoma patients in need.”
“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,” Rudolf Baumgartner, MD, Inotek’s chief medical officer, said in a news release.