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Inotek Pharmaceuticals Corporation Reports Third Quarter 2015 Financial Results and Operational Highlights

-Initiated MATrX-1, the First Pivotal Phase 3 Clinical Trial of Trabodenoson, a Novel Treatment for Glaucoma-

-Completed $79.2 Million Public Offering-

-Expanded Management and Board of Directors with Proven Business Leaders-

-First R&D Day to be held on December 17th, 2015-

LEXINGTON, Mass.--(BUSINESS WIRE)-- Inotek Pharmaceuticals Corporation (NASDAQ (NBI): ITEK) (the Company or Inotek), 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 September 30, 2015.

The third quarter was marked by meaningful regulatory, clinical and financial accomplishments, commented David P. Southwell, President and Chief Executive Officer of Inotek. The U.S. Food and Drug Administrations (the FDA) acceptance of our trabodenoson Phase 3 development program in July marked a critical milestone for the company. We are excited to have initiated patient dosing for MATrX-1, the first pivotal Phase 3 trial of trabodenoson in patients with glaucoma.

During the quarter, we substantially strengthened our financial position by completing an oversubscribed public equity offering that raised $79.2 million in gross proceeds, including full exercise of underwriters overallotment, added Mr. Southwell. In addition, we strengthened our leadership team with senior management hires that bring relevant domain expertise, including Dr. Claudine Prowse, Vice President, Strategy, and Dr. Cadmus Rich, Vice President, Medical Affairs and Clinical Development. We also welcomed two recognized industry leaders to our Board of Directors, Dr. Richard Spivey, former SVP of Global Regulatory Affairs at Allergan, and Dr. Gary Phillips, SVP and Chief Strategy Officer of Mallinckrodt joined in October. Finally, we look forward to hosting our first R&D Day on December 17, 2015 in New York City.

Third Quarter 2015 and Recent Trabodenoson Development Program Highlights:

  • Commenced dosing of patients in MATrX-1, a Phase 3 randomized, double-masked, placebo-controlled trial of trabodenoson in approximately 335 patients diagnosed with primary open-angle glaucoma (POAG) or ocular hypertension (OHT) in October; and
  • Announced Phase 3 development strategy for trabodenoson, following positive end-of-phase 2 meeting with the FDA.

Third Quarter 2015 and Recent Business Highlights:

  • Raised $79.2 million in gross proceeds from secondary offering of 6.2 million shares of common stock;
  • Reported conversion of $21.0 million of 5.0% convertible senior notes due 2020 into 3.9 million shares of common stock of the Company;
  • Appointed Gary M. Phillips, MD, MBA in October and Dr. Richard Spivey, PharmD, PhD to Inoteks Board of Directors; and
  • Appointed Claudine Prowse, Ph.D., as Vice President, Strategy and Investor Relations Officer, and Cadmus Collins Rich, M.D., as Vice...