27 Sep 2013

Inotek Pharmaceuticals Raises $21 Million to Support Ongoing Clinical Development of Trabodenoson, a Novel Eye Drop for the Treatment of Glaucoma

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LEXINGTON, MA -- September 27th, 2013 -- Inotek Pharmaceuticals Corp., a leader in the
development of innovative products for the treatment of glaucoma, today announced that it has
closed on a $21 million financing. Proceeds from this financing will be used to advance Inotek's
lead product, trabodenoson, a novel eye drop that increases aqueous fluid outflow via the eye's
trabecular meshwork, through Phase 2 studies in glaucoma. Inotek expects to initiate a Phase 2
study designed to evaluate the efficacy and safety of trabodenoson when combined with
latanoprost for the treatment of glaucoma patients whose intraocular pressure (IOP) is not well
controlled by latanoprost therapy alone in the third quarter of 2013. All of the company's existing
investors, including Devon Park Bioventures, Rho Ventures, Care Capital, Medimmune Ventures
and Pitango Venture Capital, participated in the financing. Concurrent with the equity financing,
Inotek also secured $7 million in venture debt led by Horizon Technology Finance Corporation
In a recently completed multi-dose Phase 2 study, trabodenoson, given as monotherapy, was
shown to significantly reduce IOP in glaucoma patients, achieving efficacy in the range of the
market leading prostaglandins, such as latanoprost.
“Based on the trabodenoson data that I have reviewed to date, this molecule has the potential to
be an important addition to the tools we now have to reduce intraocular pressure, and ideally the
attendant optic nerve neuropathy that leads to vision loss in patients with glaucoma,” said
Jonathan Myers, MD, Associate Attending Surgeon on the Glaucoma Service at Wills Eye
Hospital and Associate Professor of Ophthalmology at Jefferson Medical College. “I am excited
to see the company investing in additional studies which are needed to confirm this early
promise, and to move the product closer to eventual availability for glaucoma patients in need.”
"Trabodenoson has already demonstrated very encouraging efficacy as a monotherapy as well as
excellent safety and ocular tolerability, so we look forward to evaluating the drug's efficacy and
safety when combined with latanoprost as part of our next Phase 2 study," said Rudolf
Baumgartner, MD, Inotek's Chief Medical Officer."
About Trabodenoson for Glaucoma
Trabodenoson is a drop-administered drug candidate in Phase 2 development for the treatment of
glaucoma, a leading cause of blindness globally. Trabodenoson is believed to increase aqueous
fluid outflow via the eye's trabecular meshwork, reducing intra-ocular pressure, a novel
mechanism of action that is significantly differentiated from currently approved products, as well
as all others in development. It is broadly accepted that lowering intraocular pressure (IOP) in
glaucoma patients is the only proven means of slowing the progression of vision loss.
Current products for glaucoma, such as prostaglandins, lower IOP by either reducing the inflow
of fluid in the eye or by increasing its drainage through a secondary outflow pathway in the eye -
the uveoscleral pathway. However, none of these drugs safely and effectively target the
trabecular meshwork, the primary outflow pathway where most fluid exits the eye. The
trabecular meshwork comprises a pressure-sensitive mechanism through which healthy eyes
maintain a normal, safe ocular pressure (IOP). As the eye ages and glaucoma advances, flow
through the eye’s trabecular meshwork grows increasingly difficult. Trabodenoson has been
shown to increase the natural metabolic activity of the trabecular meshwork, by up-regulating
proteases found in the eye. These proteases are responsible for clearing out hydrolyzed proteins,
which block flow through the trabecular meshwork, thus restoring the eye to a more normal,
healthy state with greater potential for fluid outflow.
Many patients do not respond adequately to the current IOP-lowering products, and up to 40% of
these patients are treated with a combination of products in the hope of achieving targeted
reductions in IOP. As a result, there remains a significant unmet need for innovative glaucoma
products that can complement the existing drugs by acting on the trabecular meshwork to
provide improved IOP-lowering efficacy. In animal models, trabodenoson's IOP-lowering
activity has been shown to significantly enhance the effect of several existing glaucoma
medications, including the prostaglandin latanoprost. Further, in the clinical trials to date,
trabodenoson was found to be safe and well tolerated as monotherapy, making it an ideal
candidate for combination with marketed drugs such as latanoprost.
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides
secured loans to development-stage companies backed by established venture capital and private
equity firms within the technology, life science, healthcare information and services, and cleantech
industries. The investment objective of Horizon is to maximize total risk-adjusted returns by
generating current income from a portfolio of directly originated secured loans as well as capital
appreciation from warrants to purchase the equity of portfolio companies. Headquartered in
Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia,
Horizon is externally managed by its investment advisor, Horizon Technology Finance
Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market
under the ticker symbol “HRZN”. In addition, Horizon’s 7.375% Senior Notes due 2019 trade on
the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit
www.horizontechnologyfinancecorp.com. Contact: Chris Mathieu, Chief Financial Officer, (860)
676-8653, chris@horizontechfinance.com.