Inotek Pharmaceuticals Corp., a Lexington, Massachusetts-based developer of innovative drug candidates to address significant diseases of the eye, has closed an $18m preferred stock financing.
The round was led by new investor Devon Park Bioventures, with participation from existing investors Rho Ventures, Care Capital, Pitango Venture Capital, MedImmune Ventures, and Bio*One Capital.
The new capital will be used to advance the company’s innovative eye-drop INO-8875 through multiple-dose Phase 2 clinical trials in glaucoma, a leading cause of blindness globally. In an earlier Phase 1/2 clinical trial, INO-8875 was shown to significantly reduce intraocular pressure in glaucoma patients.
As part of the round, John Leaman has joined Inotek’s board of directors.