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, today reported financial results and operational highlights for the quarter ended March 31, 2017.
“Our Phase 2 fixed-dose combination (FDC) trial of trabodenoson and latanoprost is ongoing, and we recently completed the active recruitment phase,” said David P. Southwell, President and Chief Executive Officer. “We look forward to top-line results from this trial in July, and providing an update on our strategy for the development path for trabodenoson in glaucoma. We have communicated with the US Food and Drug Administration (FDA) regarding the MATrX-1 results. The FDA is in agreement with our conclusions that the trial did not meet its primary efficacy endpoint, however the safety profile of trabodenoson was comparable to placebo and there was minimal drug-related hyperemia.”
Mr. Southwell continued, “We are also looking into trabodenoson’s utility beyond the lowering of eye pressure. As an example, preclinical data supporting trabodenoson’s neuroprotective and neuro-enhancement activity in the back of the eye is being presented this week at the Association for Research in Vision and Ophthalmology (ARVO) 2017 Annual Meeting. Additionally, Inotek is evaluating the potential for selective adenosine mimetics to address optic neuropathies and other degenerative retinal diseases and to improve the patho-physiology associated with dry eye disease. We are encouraged by these early results and will provide additional information on our preclinical program in mid-2017.”
First Quarter 2017 and Recent Business Highlights:
- Inotek completed the active recruitment phase of its Phase 2 dose-ranging FDC trial of trabodenoson and latanoprost for the treatment of glaucoma. Top-line results are expected in July.
- Several research posters on trabodenoson as a monotherapy and combination were presented at the annual meetings of the American Glaucoma Society and the Association for Research in Vision and Ophthalmology.
Upcoming Events:
- Present additional data from trabodenoson preclinical program in mid-2017.
- Report top-line results of the Phase 2 FDC trial in July.
First Quarter 2017 Financial Results:
- Cash and cash equivalents and short-term investments as of March 31, 2017, were $114.7 million.
- Research and development expenses were $7.1 million for the quarter ended March 31, 2017, compared to $7.6 million for the quarter ended March 31, 2016.
- General and administrative expenses were $2.9 million for the quarter ended March 31, 2017, compared to $2.5 million for the quarter ended March 31, 2016.
- Loss from operations was $10.0 million for the quarter ended March 31, 2017, compared to a loss of $10.1 million for the quarter ended March 31, 2016.
- Net loss was $10.7 million for the quarter ended March 31, 2017, compared to a net loss of $10.1 million for the quarter ended March 31, 2016.
- Approximately 27.0 million shares of common stock were outstanding at March 31, 2017.
About Inotek Pharmaceuticals Corporation
Inotek
Pharmaceuticals is a clinical-stage biopharmaceutical company focused on
the discovery, development and commercialization of therapies for
glaucoma and other eye diseases. The Company’s lead product candidate, trabodenoson,
is a first-in-class selective adenosine mimetic currently in Phase 3
development. Trabodenoson was developed in Inotek’s laboratories
and is designed to restore the eye’s natural pressure control mechanism.
Additionally, the Company is evaluating the potential for selective
adenosine mimetics to address optic neuropathies and other degenerative
retinal diseases, including NAION, and to improve the patho-physiology
associated with dry eye disease. 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.
Forward-Looking Statements
Various statements in this
release concerning Inotek’s future expectations, plans and prospects,
including without limitation, Inotek’s expectations regarding the use of trabodenoson
and its fixed-dose combination (FDC) program with latanoprost as
treatments for primary open-angle glaucoma or ocular hypertension;
Inotek’s expectations regarding reporting top-line data of its Phase 2
trial for its FDC; Inotek’s expectations with respect to the timing and
success of its clinical studies and pre-clinical studies for trabodenoson
its FDC, orphan diseases, and the possibility of selective adenosine
mimetics to address optic neuropathies and other degenerative retinal
diseases, including NAION, and to improve the patho-physiology
associated with dry eye disease; may constitute forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995 and other federal
securities laws and are subject to substantial risks, uncertainties and
assumptions. You should not place reliance on these forward looking
statements, which often include words such as "believe," "expect,"
"anticipate," "intend," "plan," "will give," "estimate," "seek," "will,"
"may," "suggest" or similar terms, variations of such terms or the
negative of those terms. Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable,
the Company cannot guarantee such outcomes. Actual results may differ
materially from those indicated by these forward-looking statements as a
result of various important factors, including, without limitation,
Inotek’s ability to successfully demonstrate the efficacy and safety of
trabodenoson, its FDC program, its pre-clinical studies for orphan
diseases, or selective adenosine mimetics to address optic neuropathies
and other degenerative retinal diseases, including NAION, and to improve
the patho-physiology associated with dry eye disease, the pre-clinical
and clinical results for its product candidates, which may not support
further development and marketing approval, the potential advantages of
Inotek’s product candidates, actions of regulatory agencies, which may
affect the initiation, timing and progress of pre-clinical studies and
clinical trials of its product candidates, Inotek’s ability to obtain,
maintain and protect its intellectual property, Inotek’s ability to
enforce its patents against infringers and defend its patent portfolio
against challenges from third parties, the timing, cost or other aspects
of a potential commercial launch of Inotek’s product candidates and
potential future sales of our current product candidates or any other
potential products if any are approved for marketing, competition from
others developing products for similar uses, Inotek’s ability to manage
operating expenses, Inotek’s ability to obtain additional funding to
support its business activities and establish and maintain strategic
business alliances and new business initiatives, Inotek’s dependence on
third parties for development, manufacture, marketing, sales and
distribution of product candidates, the outcome of litigation, and
unexpected expenditures, as well as those risks more fully discussed in
the section entitled “Risk Factors” in Inotek’s most recent Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission as
well as discussions of potential risks, uncertainties, and other
important factors in Inotek’s subsequent filings with the Securities and
Exchange Commission. Accordingly, you should not place undue reliance on
these forward-looking statements. All such statements speak only as of
the date made, and the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise.
| Inotek Pharmaceuticals Corporation | ||||||||||||
| (Unaudited) | ||||||||||||
| (in thousands, except share and per share amounts) | ||||||||||||
| Consolidated Balance Sheets | ||||||||||||
| March 31, 2017 | December 31, 2016 | |||||||||||
| Cash and cash equivalents and short-term investments | $ | 114,705 | $ | 126,473 | ||||||||
| Other assets | 3,218 | 3,174 | ||||||||||
| Total assets | $ | 117,923 | $ | 129,647 | ||||||||
| Accounts payable, accrued expenses and other liabilities | $ | 5,560 | $ | 7,519 | ||||||||
| 2021 Convertible Notes, net of issuance costs | 49,099 | 48,960 | ||||||||||
| Stockholders’ equity | 63,264 | 73,168 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 117,923 | $ | 129,647 | ||||||||
| Consolidated Statements of Operations | |||||||||||||
| Three Months Ended March 31, | |||||||||||||
| 2017 | 2016 | ||||||||||||
| Operating expenses: | |||||||||||||
| Research and development | $ | (7,097 | ) | $ | (7,615 | ) | |||||||
| General and administrative | (2,869 | ) | (2,522 | ) | |||||||||
| Loss from operations | (9,966 | ) | (10,137 | ) | |||||||||
| Interest expense | (876 | ) | - | ||||||||||
| Interest income | 172 | 69 | |||||||||||
| Net loss | $ | (10,670 | ) | $ | (10,068 | ) | |||||||
| Net loss per share attributable to common stockholders—basic and diluted | $ | (0.40 | ) | $ | (0.38 | ) | |||||||
| Weighted-average number of shares outstanding—basic and diluted | 26,986,318 | 26,423,394 | |||||||||||
