Inotek Pharma Files for IPO

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Inotek Pharmaceuticals Corp. has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $132.25 million. The company will list on the Nasdaq Global Market under the symbol ITEK.

The underwriters for the event were Cowen, Canaccord Genuity, Piper Jaffray and Nomura.

Inotek is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma. Its lead product candidate, trabodenoson, is a first-in-class selective adenosine mimetic designed to lower interocular pressure (IOP) by restoring the eye’s natural pressure control mechanism. Trabodenoson’s unique mechanism of action in the trabecular meshwork should complement the activity of existing glaucoma therapies that exert IOP-lowering effects on different parts of the in-flow and out-flow system of the eye.

The company explained its pipeline as:

Our product pipeline includes trabodenoson monotherapy delivered in an eye drop formulation, as well as a fixed-dose combination, or FDC, of trabodenoson with latanoprost given once-daily, or QD. Statistically significant results for the primary endpoint of our completed Phase 2 clinical trial indicate that trabodenoson monotherapy has IOP-lowering effects in line with the best existing therapies, with a favorable safety and tolerability profile at all doses tested. Our completed Phase 2 trial of trabodenoson co-administered with latanoprost, a prostaglandin analogue, or PGA, demonstrated IOP-lowering in patients who have previously had inadequate responses to treatment with latanoprost. These patients represent PGA poor-responders, as evidenced by persistently elevated IOP at levels that typically require the addition of a second drug to further lower IOP.

Inotek is planning an End-of-Phase 2 meeting with the FDA for trabodenoson monotherapy in the first half of 2015 and expects to initiate a Phase 3 program for it in mid-2015.

According to IMS Health, sales of glaucoma drugs in 2013 were approximately $2.0 billion in the United States and $5.6 billion worldwide. According to the British Journal of Ophthalmology, there were an estimated 2.8 million Americans with glaucoma in 2010.

Inotek plans to use the proceeds from this offering to develop its trabodenoson monotherapy through its clinical phases, as well as repaying its borrowings and terminating its existing notes payable agreements.

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