Full Press Release Details
Inotek Pharmaceuticals Corporation Reports Fiscal Year 2015 Financial Results and Operational Highlights
LEXINGTON, Mass March 23, 2016 Inotek Pharmaceuticals Corporation (the Company or Inotek ),
(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 fiscal year ended
2015 was a transformational year for Inotek as we achieved several significant regulatory, clinical and financial
accomplishments, including the advancement of trabodenoson, a potential novel treatment for glaucoma without the side-effects of other topical treatments, into Phase 3 registration studies, said David P. Southwell, President and Chief
Executive Officer of Inotek. Acceptance by the U.S. Food and Drug Administration of the pivotal Phase 3 monotherapy development plan for trabodenoson, evaluating the superiority of trabodenoson s intraocular eye-pressure
( IOP ) reduction compared to placebo, marked an important inflection point for the Company. Additionally, we have continued to build a strong management team and board of directors, and strengthened our balance sheet by completing both an
IPO with concurrent convertible note offering and follow-on offering, with net proceeds totaling approximately $129 million.
strong start. We are pleased to report that our first Phase 3 monotherapy trial ( MATrX-1 ) continues to enroll on schedule, with top-line results expected in 4Q 16. In addition, we plan to initiate our second Phase 2 fixed-dose
combination study, evaluating trabodenoson and latanoprost in a single eye drop, this year.
Trabodenoson Development Program Highlights:
Full Year 2015 Financing Highlights:
Upcoming Highlights:
Fiscal Year 2015 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.
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.
Source: Inotek Pharmaceuticals
Claudine Prowse, Ph.D., 781-552-4305
Vice President, Strategy and Investor Relations Officer
| Inotek Pharmaceuticals Corporation | ||||||||
| (Unaudited) | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| Balance Sheets | ||||||||
| December 31, 2015 | December 31, 2014 | |||||||
| Cash and cash equivalents and short-term investments | $ | 111,280 | $ | 3,618 | ||||
| Other assets | 2,041 | 1,902 | ||||||
| Total Assets | $ | 113,321 | $ | 5,520 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 4,508 | $ | 2,162 | ||||
| Notes payable | 5,613 | |||||||
| Convertible Bridge Notes | 1,541 | |||||||
| Warrant and Convertible Bridge Notes redemption rights derivative liabilities | 962 | |||||||
| Total liabilities | 4,508 | 10,278 | ||||||
| Series AA redeemable convertible preferred stock | 46,253 | |||||||
| Series X redeemable convertible preferred stock | 548 | |||||||
| Stockholders equity (deficit) | 108,813 | (51,559 | ) | |||||
| Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit) | $ | 113,321 | $ | 5,520 | ||||
| Statements of Operations | ||||||||
| Year ended December 31, | ||||||||
| 2015 | 2014 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | (12,554 | ) | $ | (5,592 | ) | ||
| General and administrative | (7,842 | ) | (2,112 | ) | ||||
| Loss from operations | (20,396 | ) | (7,704 | ) | ||||
| Interest expense | (1,230 | ) | (980 | ) | ||||
| Interest income | 89 | |||||||
| Loss on extinguishment of debt | (4,399 | ) | ||||||
| Change in fair value of warrant liabilities | 267 | (845 | ) | |||||
| Change in fair value of Convertible Bridge Notes redemption rights derivative | 480 | (2 | ) | |||||
| Change in fair value of 2020 Convertible Notes derivative liability | (42,793 | ) | ||||||
| Net loss | $ | (67,982 | ) | $ | (9,531 | ) | ||
| Net loss per share attributable to common stockholders basic and diluted | $ | (3.72 | ) | $ | (13.52 | ) | ||
| Weighted-average number of shares outstanding basic and diluted | 18,311,333 | 1,020,088 |