Full Press Release Details
Inotek Pharmaceuticals Corporation Reports Third Quarter 2015
Financial Results and Operational Highlights
-Initiated MATrX-1, the First Pivotal Phase 3 Clinical Trial of Trabodenoson, a
Novel Treatment for Glaucoma-
-Completed $79.2 Million Public Offering -
-Expanded Management and Board of Directors with Proven Business Leaders-
-First R&D Day to be held on December 17th, 2015-
Lexington, MA November 12, 2015 Inotek Pharmaceuticals Corporation (NASDAQ: ITEK) (the Company or
Inotek ), 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 September 30, 2015.
The third quarter was marked by meaningful regulatory, clinical and financial accomplishments, commented David
P. Southwell, President and Chief Executive Officer of Inotek. The U.S. Food and Drug Administration s (the FDA ) acceptance of our trabodenoson Phase 3 development program in July marked a critical milestone for the
company. We are excited to have initiated patient dosing for MATrX-1, the first pivotal Phase 3 trial of trabodenoson in patients with glaucoma.
During the quarter, we substantially strengthened our financial position by completing an oversubscribed public equity offering that raised $79.2
million in gross proceeds, including full exercise of underwriters overallotment, added Mr. Southwell. In addition, we strengthened our leadership team with senior management hires that bring relevant domain expertise,
including Dr. Claudine Prowse, Vice President, Strategy, and Dr. Cadmus Rich, Vice President, Medical Affairs and Clinical Development. We also welcomed two recognized industry leaders to our Board of Directors, Dr. Richard Spivey,
former SVP of Global Regulatory Affairs at Allergan, and Dr. Gary Phillips, SVP and Chief Strategy Officer of Mallinckrodt joined in October. Finally, we look forward to hosting our first R&D Day on December 17, 2015 in New York
Third Quarter 2015 and Recent Trabodenoson Development Program Highlights:
Third Quarter 2015 and Recent Business Highlights:
Upcoming Highlights:
Third Quarter 2015 Financial Results:
Pharmaceuticals Corporation
Inotek Pharmaceuticals 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 designed to restore the eye s natural pressure control mechanism. The development of trabodenoson monotherapy delivered in a once-daily eye drop formulation will be followed by a fixed-dose combination
of trabodenoson with latanoprost. 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. You should not place reliance on 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 such outcomes. 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)
| September 30, 2015 | December 31, 2014 | |||||||
| Cash and cash equivalents and short-term investments | $ | 118,365 | $ | 3,618 | ||||
| Other assets | 1,759 | 1,902 | ||||||
| Total Assets | $ | 120,124 | $ | 5,520 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 3,649 | $ | 2,162 | ||||
| Notes payable | 5,613 | |||||||
| Convertible Bridge Notes | 1,541 | |||||||
| Warrant and Convertible Bridge Notes redemption rights derivative liabilities | 962 | |||||||
| Total liabilities | 3,649 | 10,278 | ||||||
| Series AA redeemable convertible preferred stock | 46,253 | |||||||
| Series X redeemable convertible preferred stock | 548 | |||||||
| Stockholders equity (deficit) | 116,475 | (51,559 | ) | |||||
| Total Liabilities, Redeemable Convertible Preferred | ||||||||
| Stock and Stockholders Equity (Deficit) | $ | 120,124 | $ | 5,520 |
Statements of Operations
| Three Months ended September 30, | Nine Months ended September 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | (3,612 | ) | $ | (1,243 | ) | $ | (6,635 | ) | $ | (4,655 | ) | ||||
| General and administrative | (1,825 | ) | (843 | ) | (5,533 | ) | (1,337 | ) | ||||||||
| Loss from operations | (5,437 | ) | (2,086 | ) | (12,168 | ) | (5,992 | ) | ||||||||
| Interest, net | (159 | ) | (244 | ) | (1,197 | ) | (735 | ) | ||||||||
| Loss on extinguishment of debt | (3,716 | ) | (4,399 | ) | ||||||||||||
| Change in fair value of warrant liabilities | (58 | ) | 267 | (656 | ) | |||||||||||
| Change in fair value of Convertible Bridge Notes redemption rights derivative | 480 | |||||||||||||||
| Change in fair value of 2020 Convertible Notes derivative liability | (46,649 | ) | (42,793 | ) | ||||||||||||
| Net loss | $ | (55,961 | ) | $ | (2,388 | ) | $ | (59,810 | ) | $ | (7,383 | ) | ||||
| Net loss per share attributable to common stockholders basic and diluted | $ | (2.48 | ) | $ | (3.42 | ) | $ | (3.85 | ) | $ | (10.30 | ) | ||||
| Weighted-average number of shares outstanding basic and diluted | 22,573,195 | 1,020,088 | 15,580,487 | 1,020,088 |
Vice President, Strategy and Investor Relations Officer
MacDougall Biomedical Communications