Inotek Pharmaceuticals, a US-based developer of small molecule drugs for glaucoma, is planning to raise up to $132m from an initial public offering and convertible debt offering.
Inotek, which is backed by investors including MedImmune Ventures, biotechnology research company MedImmune’s corporate venturing unit, filed yesterday to raise up to $86.3m from an IPO on Nasdaq and $46m from a concurrent offering of convertible notes.
Founded in 1999, Inotek aims to begin a Phase 3 clinical trial in 2015 for its lead drug candidate, Trabodenoson, which will be supported by the proceeds from the offering. It has raised more than $190m in equity and debt altogether.
MedImmune, a subsidiary of pharmaceutical firm AstraZeneca since 2007, holds a 16% stake in the company.
Other notable shareholders include Devon Park Bioventures (25.7%), Rho Ventures Entities (20.4%), Care Capital Entities (17.8%) Pitango Venture Capital (11.6%).
Cowen and Company, Piper Jaffray, Canaccord Genuity and Nomura Securities International are acting as underwriters for the offering.