Inotek Pharmaceuticals Corporation Focuses Resources on Clinical Programs; New CEO, Consolidates Operations, and Sells Manufacturing Plant in Israel
BEVERLY, Mass.--(BUSINESS WIRE)--Inotek announced today that the Company has focused its resources on the development of its two main clinical programs and the advancement of its two preclinical programs, including the partnering of its monoclonal antibody program. The Company has consolidated its operations and concentrated its workforce at the Companyâ€™s corporate offices in Massachusetts. The consolidation also includes the closing of several international offices and the sale of the Companyâ€™s pilot manufacturing plant in Dimona, Israel.
Inotek has entered Phase 1 clinical safety trials with INO-4885 which has potential application in various acute, peroxynitrite-mediated hospital conditions and has filed an Investigational New Drug application (IND) for its selective Adenosine 1 agonist, INO-8875 that is being developed for the treatment and management of Glaucoma. Inotek also has a monoclonal antibody program in preclinical development, targeting the flagellin/TLR5 pathway associated with inflammatory bowel disease (IBD) and a series of preclinical PARP inhibitors with applications in cancer, ophthalmology and various diseases involving reperfusion injury.
To best execute on the Companyâ€™s development plans, Inotek has made significant changes and additions to the Companyâ€™s Executive Management Team in the Massachusetts office as follows:
* Dr. Michael Loberg, Inotek Board Member since 2004, has been appointed acting President and CEO * Dr. Rudolf Baumgartner, former VP of Clinical Research at Sepracor, has been hired as Chief Medical Officer * Dr. William McVicar, former VP of Product Development at Sepracor, has been hired as Executive Vice President of Pharmaceutical Development * Mr. James Ham, former Chief Financial Officer at NitroMed, has been hired as Chief Financial Officer * Dr. Andrew Salzman has resigned as CEO in order to relocate to Israel and build his professional future in the Israeli biotechnology industry. He leaves behind a long record of scientific and corporate accomplishment. We appreciate his many contributions to the Company over the years and wish him every success in his future endeavors.
The Company also announced that its collaboration with Genentech related to the discovery and development of PARP inhibitors will end in April. Inotek will obtain rights to all assets and information related to the PARP inhibitor program from Genentech, including all compounds and intellectual property that were discovered or developed by either Inotek or Genentech within the collaboration. Inotek intends to continue to evaluate the broad potential of its PARP inhibitor program including its promising series of oral and I.V. next generation PARP inhibitors and to establish development priorities for oncology and non-oncology indications once the technology transfer from Genentech is completed.
About Inotek Pharmaceuticals
Inotek is a clinical stage drug development company located in Beverly, Massachusetts with two clinical stage programs targeting applications in glaucoma and various acute oxidant-mediated diseases. The Companyâ€™s two preclinical programs target Flagellin, with potential application in Crohnâ€™s Disease and gram negative infections, and PARP, with applications in a diverse array of indications, including ophthalmology, oncology and various diseases involving reperfusion injury.
Inotek Pharmaceuticals Corporation Jeffrey T. Walsh, 978-232-9660 x2388 Executive Vice President and Chief Business Officer or MacDougall Biomedical Communications Sarah Cavanaugh, 781-235-3060 At A Glance Inotek Pharmaceuticals Corporation Headquarters: Beverly, Massachusetts Website: http://www.inotekcorp.com CEO: Dr. Andrew Salzman Employees: 75 Organization: Private Source: via Business Wire Updated 06/23/2004 by company