Full Press Release Details
David P. Southwell, CEO
Inotek Pharmaceuticals Corporation Reports First Quarter 2015 Operational and Financial Results
LEXINGTON, MA May 15, 2015 Inotek Pharmaceuticals Corporation (NASDAQ: ITEK), a clinical-stage biopharmaceutical company focused on
the discovery, development and commercialization of therapies for glaucoma, today reported financial results and operational highlights for quarter ended March 31, 2015.
During the first quarter of 2015, Inotek successfully completed its IPO raising gross proceeds of approximately $63 million in the initial public
offering combined with a concurrent offering of convertible notes, commented David P. Southwell, President and Chief Executive Officer of Inotek. We are on schedule to initiate our first pivotal Phase 3 trial in the third quarter of
2015, pending FDA agreement with our plans. This will enable us to deliver the data both from this trial and our Phase 2 dose-ranging trial of the fixed-dose combination with latanoprost in late 2016. In addition, we will continue to progress
our retinal program.
First Quarter 2015 and Recent Business Highlights:
Expected Upcoming Milestones
Summary of First Quarter 2015 Financial Results:
About Inotek Pharmaceuticals Corporation
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. These statements often include words such as believe, expect,
anticipate, intend, plan, estimate, seek, will, may or similar expressions. 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.
-Financial Tables to Follow-
Inotek Pharmaceuticals Corporation
(in thousands, except share and per share amounts)
| March 31, 2015 | December 31, 2014 | |||||||
| Cash | $ | 53,139 | $ | 3,618 | ||||
| Other assets | 2,387 | 1,902 | ||||||
| Total assets | $ | 55,526 | $ | 5,520 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 2,481 | $ | 2,162 | ||||
| 2020 convertible notes, net | 8,667 | |||||||
| 2020 convertible notes derivative liability | 10,426 | |||||||
| Notes payable | 5,613 | |||||||
| Convertible bridge notes | 1,541 | |||||||
| Warrant and convertible notes redemption rights derivative liabilities | 962 | |||||||
| Total liabilities | 21,574 | 10,278 | ||||||
| Series AA redeemable convertible preferred stock | 46,253 | |||||||
| Series X redeemable convertible preferred stock | 548 | |||||||
| Stockholders equity (deficit) | 33,952 | (51,559 | ) | |||||
| Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit) | $ | 55,526 | $ | 5,520 | ||||
| Statements of Operations | ||||||||
| Three Months ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | (1,069 | ) | $ | (1,550 | ) | ||
| General and administrative | (1,980 | ) | (162 | ) | ||||
| Loss from operations | (3,049 | ) | (1,712 | ) | ||||
| Interest expense | (474 | ) | (243 | ) | ||||
| Loss on extinguishment of debt | (683 | ) | ||||||
| Change in fair value of warrant liabilities | 267 | (193 | ) | |||||
| Change in fair value of convertible bridge notes redemption rights derivative | 480 | |||||||
| Change in fair value of 2020 Convertible Notes derivative | 1,997 | |||||||
| Net loss | $ | (1,462 | ) | $ | (2,148 | ) | ||
| Net loss per share attributable to common stockholders basic and diluted | $ | (0.21 | ) | $ | (3.08 | ) | ||
| Weighted-average number of shares outstanding basic and diluted | 7,677,575 | 1,020,088 |