Inotek gathers $18M as it plots PhII trials

Lexington, MA-based Inotek Pharmaceuticals has closed an $18 million preferred stock financing. New investor Devon Park led the round, with participation from existing investors Rho Ventures, Care Capital, Pitango Venture Capital, MedImmune Ventures, and Bio*One Capital.

The developer is planning to launch two Phase II trials later this month for its eye drop drug INO-8875. The glaucoma treatment was shown in an earlier Phase I/II trial to significantly reduce intraocular pressure in glaucoma patients. "As a highly selective adenosine-1 receptor agonist, INO-8875 enhances outflow through the major pathway used by healthy elderly eyes--the trabecular meshwork--to reduce intraocular pressure," says Inotek CEO Paul G. Howes in a statement. The company is also advancing two earlier-stage programs--PARP inhibitors and SOD mimetics--for retinal diseases, such as the dry form of age-related macular degeneration.

"We believe INO-8875 is one of the most promising glaucoma product candidates in clinical development today," said John Leaman, M.D., principal at Devon Park Bioventures. "The Inotek team has made considerable progress advancing the candidate to date and we look forward to working with them as INO-8875 moves into later-stage clinical trials." 

- here's Inotek's release