Full Press Release Details
Inotek Pharmaceuticals Corporation Reports Third Quarter 2016 Financial Results and Operational
LEXINGTON, Mass November 9, 2016 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, 2016.
During the summer, we achieved on-time completion of enrollment of the MATrX-1 pivotal study of
trabodenoson, and expect to receive top-line data by year end, commented David P. Southwell, President and Chief Executive Officer of Inotek. We believe that trabodenoson has the potential to improve glaucoma therapy by
offering a novel approach that enhances the natural outflow pathway in the eye to reduce intra-ocular pressure without adding to the significant side effect burden of existing therapies.
Southwell continued, As we build Inotek, we have added two industry veterans to our Board of Directors Patrick Machado, a co-founder of
Medivation, Inc., and Timothy Barberich, the founder of Sepracor, Inc. Pat and Tim bring a wealth of successful business, drug development and commercialization experience at an ideal time, as we grow Inotek to a commercial organization.
Third Quarter 2016 and Recent Business Highlights:
Third Quarter 2016 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 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. 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.
Claudine Prowse, PhD, 781-552-4305
Vice President, Strategy and
MacDougall Biomedical Communications
Erdman or Joe Rayne, 781-235-3060
Inotek Pharmaceuticals Corporation
(in thousands, except share and per share
| September 30, 2016 | December 31, 2015 | |||||||
| Cash and cash equivalents and short-term investments | $ | 137,583 | $ | 111,280 | ||||
| Other assets | 2,556 | 2,041 | ||||||
| Total assets | $ | 140,139 | $ | 113,321 | ||||
| Accounts payable, accrued expenses and other liabilities | $ | 6,265 | $ | 4,508 | ||||
| 2021 Convertible Notes, net of issuance costs | 48,820 | |||||||
| Stockholders equity | 85,054 | 108,813 | ||||||
| Total liabilities and stockholders equity | $ | 140,139 | $ | 113,321 |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | (8,412 | ) | $ | (3,612 | ) | $ | (22,492 | ) | $ | (6,635 | ) | ||||
| General and administrative | (2,311 | ) | (1,825 | ) | (7,148 | ) | (5,533 | ) | ||||||||
| Loss from operations | (10,723 | ) | (5,437 | ) | (29,640 | ) | (12,168 | ) | ||||||||
| Interest expense | (525 | ) | (192 | ) | (525 | ) | (1,230 | ) | ||||||||
| Interest income | 120 | 33 | 285 | 33 | ||||||||||||
| Loss on extinguishment of debt | (3,716 | ) | (4,399 | ) | ||||||||||||
| 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 | (46,649 | ) | (42,793 | ) | ||||||||||||
| Net loss | $ | (11,128 | ) | $ | (55,961 | ) | $ | (29,880 | ) | $ | (59,810 | ) | ||||
| Net loss per share attributable to common stockholders basic and diluted | $ | (0.41 | ) | $ | (2.48 | ) | $ | (1.12 | ) | $ | (3.85 | ) | ||||
| Weighted-average number of shares outstanding basic and diluted | 26,930,730 | 22,573,195 | 26,660,126 | 15,580,487 |