Inotek Pharmaceuticals Corp., a Lexington, MA-based developer of innovative products for the treatment of glaucoma, closed a $28m financing.
It includes a $21m equity financing from existing investors Devon Park Bioventures, Rho Ventures, Care Capital, Medimmune Ventures and Pitango Venture Capital, and a $7m venture debt led by Horizon Technology Finance Corporation (NASDAQ: HRZN).
The company intends to use the funds to advance its lead product, trabodenoson through Phase 2 studies in glaucoma.
Trabodenoson is a novel eye drop that increases aqueous fluid outflow via the eye’s trabecular meshwork. Later this year, Inotek expects to initiate a Phase 2 study designed to evaluate the efficacy and safety of it when combined with latanoprost for the treatment of glaucoma patients whose intraocular pressure (IOP) is not well controlled by latanoprost therapy alone.
Inotek is led by Rudolf Baumgartner, MD, Chief Medical Officer, and William K. McVicar, PhD, Chief Scientific Officer.