Full Press Release Details
David P. Southwell, CEO
Inotek Pharmaceuticals Corporation Reports 2014 Financial Results
LEXINGTON, Mass April 1, 2015 Inotek Pharmaceuticals Corporation (NASDAQ: ITEK) (the Company ), a clinical-stage
biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma, today reported financial results and operational highlights for the year ended December 31, 2014.
David P. Southwell, President and Chief Executive Officer of the Company said 2014 was a significant year for Inotek. We completed a second Phase 2
clinical study that again demonstrated trabodenoson s meaningful efficacy and favorable safety profile, this time in a more challenging patient population.
In addition to lowering intraocular pressure by restoring the eye s natural pressure control mechanism, trabodenoson is showing significant
potential as a neuroprotectant, with possible applications well beyond glaucoma. We remain on track with our clinical timelines for glaucoma. These plans include gaining FDA guidance on our Phase 3 monotherapy plans, initiating our first Phase 3
pivotal trial, and the progression of our fixed-dose-combination product, combining trabodenoson with the prostaglandin latanoprost in the same eye drop formulation. We will continue to further our understanding of the potential of
trabodenoson to treat degenerative diseases of the retina through a program of preclinical studies, leading to clinical proof-of-concept trials.
In 2015 we strengthened our balance sheet with the successful completion of our initial public offering ( IPO ) and a concurrent offering of
convertible notes, raising total of approximately $63 million in gross proceeds.
Business Highlights:
Summary of Fiscal Year 2014 Financial Results:
-Financial Tables to Follow-
Inotek Pharmaceuticals Corporation
| December 31, | ||||||||
| 2014 | 2013 | |||||||
| Cash | $ | 3,618 | $ | 12,793 | ||||
| Other assets | 1,902 | 70 | ||||||
| Total assets | $ | 5,520 | $ | 12,863 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 2,162 | $ | 1,832 | ||||
| Notes payable | 5,613 | 6,805 | ||||||
| Convertible notes payable | 1,541 | |||||||
| Warrant and convertible notes redemption rights derivative liabilities | 962 | 1,888 | ||||||
| Total liabilities | 10,278 | 10,525 | ||||||
| Series AA redeemable convertible preferred stock | 46,253 | 40,685 | ||||||
| Series X redeemable convertible preferred stock | 548 | 548 | ||||||
| Stockholders deficit | (51,559 | ) | (38,895 | ) | ||||
| Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders Deficit | $ | 5,520 | $ | 12,863 |
Inotek Pharmaceuticals Corporation
Statements of Operations
thousands, except share and per share amounts)
| Year ended December 31, | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| Operating expenses: | ||||||||||||
| Research and development | $ | (5,592 | ) | $ | (5,330 | ) | $ | (3,738 | ) | |||
| General and administrative | (2,112 | ) | (1,324 | ) | (1,242 | ) | ||||||
| Loss from operations | (7,704 | ) | (6,654 | ) | (4,980 | ) | ||||||
| Interest expense, net | (980 | ) | (881 | ) | (636 | ) | ||||||
| Change in fair value of warrant and redemption rights derivative liabilities | (847 | ) | (81 | ) | (29 | ) | ||||||
| Net loss | $ | (9,531 | ) | $ | (7,616 | ) | $ | (5,645 | ) | |||
| Net loss per share attributable to common stockholders basic and diluted | $ | (13.52 | ) | $ | 10.05 | $ | (7.14 | ) | ||||
| Weighted-average number of shares outstanding basic and diluted | 1,020,088 | 1,018,183 | 1,017,541 |
About Inotek Pharmaceuticals Corporation
Inotek Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma. Our
lead product candidate, trabodenoson, is a first-in-class selective adenosine mimetic that is rationally designed to lower intraocular pressure by restoring the eye s natural pressure control mechanism. Our product pipeline includes
trabodenoson monotherapy delivered in an eye drop formulation, as well as a fixed-dose combination of trabodenoson with latanoprost given once-daily. Additionally, we are evaluating the potential for trabodenoson to directly
target optic neuropathies. www.inotekpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements, which are subject to substantial risks, uncertainties and assumptions. You should not place reliance on
these statements. Forward-looking statements include information concerning the Company s proposed plans. These statements often include words such as believe, expect, anticipate, intend,
plan, estimate, seek, will, may or similar expressions. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot
guarantee that it will effect its proposed plans. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information, future events or otherwise.