Inotek Pharmaceuticals, a US-based pharmaceutical company which is developing products to treat glaucoma, has raised $21m financing. All of the company’s existing investors participated in the financing, including MedImmune Ventures, the biologics research and development arm of Anglo-Swedish pharmaceuticals company AstraZeneca, and venture capital funds Devon Park Bioventures, Rho Ventures, Care Capital and Pitango Venture Capital.
Proceeds from this financing will be used to advance Inotek’s lead product, trabodenoson, an eye drop ,through phase 2 studies in glaucoma.
Concurrent with the equity financing, Inotek also secured $7 million in venture debt led by Horizon Technology Finance Corporation, a business development company that provides secured loans to development-stage companies.
Inotek has raised an estimated $190.6m, with the latest financing. Previously, in July 2011, Inotek raised $23.6m.
Rudolf Baumgartner, Inotek’s chief medical officer, said: “Trabodenoson has already demonstrated very encouraging efficacy as a monotherapy as well as excellent safety and ocular tolerability, so we look forward to evaluating the drug’s efficacy and safety when combined with latanoprost as part of our next Phase 2 study.”