Full Press Release Details
Inotek Pharmaceuticals Corporation Reports First Quarter 2016 Financial Results and Operational
LEXINGTON, Mass May 11, 2016 Inotek Pharmaceuticals Corporation (NASDAQ: ITEK), a clinical-stage
biopharmaceutical company focused on the discovery, development and commercialization of therapies for ocular diseases, today reported financial results and operational highlights for the quarter ended March 31, 2016.
The Phase 3 MATrX-1 study of trabodenoson continues to enroll well, and we continue to expect top-line data from this study in the fourth quarter
of 2016, commented David P. Southwell, President and Chief Executive Officer. Additionally, we have recently added to the body of literature supporting the profile of trabodenoson as a potential novel treatment for glaucoma with
two new peer-reviewed publications, one describing our Phase 1 clinical safety trial and one reporting our Phase 2 monotherapy trial showing the activity of trabodenoson in patients with glaucoma or ocular hypertension. Additionally, we plan
to extend the scope of the trabodenoson development program in 2016 by initiating a Phase 2 combination study of trabodenoson and latanoprost, as a fixed-dose combination, in a single eye drop.
First Quarter 2016 and Recent Trabodenoson Development Program Highlights:
First Quarter 2016 and Recent Business Highlights:
Upcoming Highlights:
First Quarter 2016 Financial Results:
Pharmaceuticals Corporation
Inotek is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of
therapies for glaucoma and other eye diseases. The Company s lead product candidate, trabodenoson, is a first-in-class selective adenosine mimetic currently in Phase 3 development. Trabodenoson was developed in Inotek s
laboratories and is designed to restore the eye s natural pressure control mechanism. Additionally, the Company is evaluating the potential for selective adenosine mimetics to address optic neuropathies and other degenerative retinal diseases.
For more information, please visit www.inotekpharma.com. The inclusion of our website address here and elsewhere in this press release does not include or incorporate by reference the information on our website into this press release.
Forward-Looking Statements
This press release contains
forward-looking statements, which are subject to substantial risks, uncertainties and assumptions. These forward-looking 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.
Inotek Pharmaceuticals Corporation
(in thousands, except share and per share amounts)
| March 31, 2016 | December 31, 2015 | |||||||
| Cash and cash equivalents and short-term investments | $ | 102,265 | $ | 111,280 | ||||
| Other assets | 1,942 | 2,041 | ||||||
| Total assets | $ | 104,207 | $ | 113,321 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 4,965 | $ | 4,508 | ||||
| Stockholders equity | 99,242 | 108,813 | ||||||
| Total liabilities and stockholders equity | $ | 104,207 | $ | 113,321 |
Statements of Operations
| Three Months Ended March 31, | ||||||||
| 2016 | 2015 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | (7,615 | ) | $ | (1,069 | ) | ||
| General and administrative | (2,522 | ) | (1,980 | ) | ||||
| Loss from operations | (10,137 | ) | (3,049 | ) | ||||
| Interest expense | (474 | ) | ||||||
| Interest income | 69 | |||||||
| Loss on extinguishment of debt | (683 | ) | ||||||
| Change in fair value of warrant liabilities | 267 | |||||||
| Change in fair value of Convertible Bridge Notes redemption rights derivative | 480 | |||||||
| Change in fair value of 2020 Convertible Notes derivative liability | 1,997 | |||||||
| Net loss | $ | (10,068 | ) | $ | (1,462 | ) | ||
| Net loss per share attributable to common stockholders basic and diluted | $ | (0.38 | ) | $ | (0.21 | ) | ||
| Weighted-average number of shares outstanding basic and diluted | 26,423,394 | 7,677,575 |
Source: Inotek Pharmaceuticals
Claudine Prowse, Ph.D., 781-552-4305
Vice President, Strategy and Investor Relations Officer