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Inotek (ITEK) Reports Second Quarter 2017 Financial Results And Operational Highlights



8/4/2017 8:14:49 AM

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LEXINGTON, Mass.--(BUSINESS WIRE)--Inotek Pharmaceuticals Corporation (NASDAQ: ITEK), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for ocular diseases, including glaucoma, today reported financial results and operational highlights for the quarter ended June 30, 2017.

“We continue to actively evaluate strategic alternatives to maximize shareholder value and are well-funded with $108.8 million in cash and marketable securities as of the end of the second quarter.”

“Inotek recently announced top-line results from our Phase 2 fixed-dosed combination (FDC) trial of trabodenoson, which did not show a clinically meaningful advantage of intraocular pressure (IOP) reduction at two months for the FDC compared to latanoprost alone. Based on the efficacy results shown to date for the FDC and monotherapy programs, we have decided to discontinue all preclinical and clinical development activities associated with trabodenoson in order to preserve our cash for value-creating opportunities,” said David P. Southwell, President and Chief Executive Officer of Inotek. “We continue to actively evaluate strategic alternatives to maximize shareholder value and are well-funded with $108.8 million in cash and marketable securities as of the end of the second quarter.”

Second Quarter 2017 and Recent Business Highlights:

  • In July, Inotek announced top-line results of the Phase 2 FDC trial of trabodenoson and latanoprost for the treatment of glaucoma. The FDC did not meet the trial’s primary endpoint of IOP reduction from diurnal baseline for a two month treatment period when compared to latanoprost alone. Based on the FDC top-line results and the results previously reported from the Phase 3 MATrX-1 monotherapy trial, the Company will discontinue further preclinical and clinical development of trabodenoson for all indications.
  • In conjunction with the FDC top-line results, Inotek also announced that it has engaged Perella Weinberg Partners as a financial advisor to assist the Company in exploring strategic alternatives.

Second Quarter 2017 Financial Results:

  • Cash and cash equivalents and short-term investments as of June 30, 2017, were $108.8 million.
  • At June 30, 2017, Inotek has outstanding $52.0 million aggregate principal amount of 5.75% Convertible Senior Notes due 2021.
  • Research and development expenses were $3.6 million for the quarter ended June 30, 2017, compared to $6.5 million for the quarter ended June 30, 2016, and $10.7 million for the six months ended June 30, 2017, compared to $14.1 million for the six months ended June 30, 2016.
  • General and administrative expenses were $2.2 million for the quarter ended June 30, 2017, compared to $2.3 million for the quarter ended June 30, 2016, and $5.1 million for the six months ended June 30, 2017, compared to $4.8 million for the six months ended June 30, 2016.
  • Loss from operations was $5.9 million for the quarter ended June 30, 2017, compared to a loss of $8.8 million for the quarter ended June 30, 2016, and $15.8 million for the six months ended June 30, 2017, compared to $18.9 million for the six months ended June 30, 2016.
  • Net loss was $6.6 million for the quarter ended June 30, 2017, compared to a net loss of $8.7 million for the quarter ended June 30, 2016, and $17.2 million for the six months ended June 30, 2017, compared to $18.8 million for the six months ended June 30, 2016.
  • Approximately 27.0 million shares of common stock were outstanding at June 30, 2017.

About Inotek Pharmaceuticals Corporation
Inotek Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for ocular diseases, including glaucoma. In July 2017, the Company announced top-line results of its Phase 2 fixed-dose combination trial of trabodenoson and latanoprost for the treatment of glaucoma. The trial did not meet its primary efficacy endpoint and the Company has since discontinued development of trabodenoson in order to focus on evaluating strategic alternatives. 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.


Read at BioSpace.com


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