Full Press Release Details
Inotek Pharmaceuticals Corporation Reports Second Quarter 2016 Financial
Results and Operational Highlights
-Initiated Phase 2 Study of Fixed-Dose Combination of Trabodenoson and Latanoprost-
-Phase 3 MATrX-1 Trial of Trabodenoson in Glaucoma on Track for Completion in 4Q 2016-
LEXINGTON, Mass August 10, 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 quarter ended June 30, 2016.
It has been a very productive period for Inotek as we achieved several clinical and business milestones, commented David P. Southwell, President
and Chief Executive Officer of Inotek. In July, we commenced our Phase 2 dose-ranging trial of a fixed-dose combination of trabodenoson, our lead clinical candidate, and latanoprost, the most commonly used prostaglandin
analog prescribed for lowering intraocular pressure (IOP) in glaucoma. We believe the fixed-dose combination of trabodenoson and latanoprost has the potential to lower IOP more than latanoprost alone without the added
side effects of existing second-line therapies. We also announced that the United States Patent and Trademark Office ( USPTO ) issued Inotek a new patent covering the fixed-dose combination of trabodenoson and a prostaglandin
analog. This new patent is a key component of the trabodenoson program patent estate, which also includes composition of matter patents covering trabodenoson through 2033 in the U.S., with extension in non-U.S. territories pending the
international applications on file.
With our objective achieved in the first half of the year, we look forward to keeping our shareholders
updated on the progress of MATrX-1, our initial Phase 3 monotherapy trial of trabodenoson. We expect to report completion of enrollment in this trial in the third quarter of this year and top-line data in the fourth quarter of this
Second Quarter 2016 and Recent Business Highlights:
Second 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.
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
(in thousands, except share and per share
| June 30, 2016 | December 31, 2015 | |||||||
| Cash and cash equivalents and short-term investments | $ | 98,222 | $ | 111,280 | ||||
| Other assets | 1,629 | 2,041 | ||||||
| Total assets | $ | 99,851 | $ | 113,321 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 4,407 | $ | 4,508 | ||||
| Stockholders equity | 95,444 | 108,813 | ||||||
| Total liabilities and stockholders equity | $ | 99,851 | $ | 113,321 |
Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | (6,465 | ) | $ | (1,954 | ) | $ | (14,080 | ) | $ | (3,023 | ) | ||||
| General and administrative | (2,315 | ) | (1,728 | ) | (4,837 | ) | (3,708 | ) | ||||||||
| Loss from operations | (8,780 | ) | (3,682 | ) | (18,917 | ) | (6,731 | ) | ||||||||
| Interest expense | (564 | ) | (1,038 | ) | ||||||||||||
| Interest income | 96 | 165 | ||||||||||||||
| 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 | 1,859 | 3,856 | ||||||||||||||
| Net loss | $ | (8,684 | ) | $ | (2,387 | ) | $ | (18,752 | ) | $ | (3,849 | ) | ||||
| Net loss per share attributable to common stockholders basic and diluted | $ | (0.33 | ) | $ | (0.15 | ) | $ | (0.71 | ) | $ | (0.33 | ) | ||||
| Weighted-average number of shares outstanding basic and diluted | 26,623,280 | 16,327,003 | 26,523,337 | 12,026,183 |