Inotek Pharmaceuticals Corporation Reports Second Quarter 2017 Financial Results and Operational Highlights
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“Inotek recently announced top-line results from our Phase 2 fixed-dosed
combination (FDC) trial of trabodenoson, which did not show a
clinically meaningful advantage of intraocular pressure (IOP) reduction
at two months for the FDC compared to latanoprost alone. Based on
the efficacy results shown to date for the FDC and monotherapy programs,
we have decided to discontinue all preclinical and clinical development
activities associated with trabodenoson in order to preserve our
cash for value-creating opportunities,” said
Second Quarter 2017 and Recent Business Highlights:
- In July, Inotek announced top-line results of the Phase 2 FDC trial of trabodenoson and latanoprost for the treatment of glaucoma. The FDC did not meet the trial’s primary endpoint of IOP reduction from diurnal baseline for a two month treatment period when compared to latanoprost alone. Based on the FDC top-line results and the results previously reported from the Phase 3 MATrX-1 monotherapy trial, the Company will discontinue further preclinical and clinical development of trabodenoson for all indications.
In conjunction with the FDC top-line results, Inotek also announced
that it has engaged
Perella Weinberg Partnersas a financial advisor to assist the Company in exploring strategic alternatives.
Second Quarter 2017 Financial Results:
- Cash and cash equivalents and short-term investments as of June 30, 2017, were $108.8 million.
June 30, 2017, Inotek has outstanding $52.0 millionaggregate principal amount of 5.75% Convertible Senior Notes due 2021.
Research and development expenses were $3.6 million for the quarter
ended June 30, 2017, compared to $6.5 million for the quarter
ended June 30, 2016, and
$10.7million for the six months ended June 30, 2017, compared to $14.1 million for the six months ended June 30, 2016.
General and administrative expenses were $2.2 million for the quarter
ended June 30, 2017, compared to $2.3 million for the quarter
ended June 30, 2016, and
$5.1million for the six months ended June 30, 2017, compared to $4.8 million for the six months ended June 30, 2016.
Loss from operations was $5.9 million for the quarter ended
June 30, 2017, compared to a loss of $8.8 million for the quarter ended June 30, 2016, and $15.8million for the six months ended June 30, 2017, compared to $18.9 million for the six months ended June 30, 2016.
Net loss was $6.6 million for the quarter ended June 30, 2017,
compared to a net loss of $8.7 million for the quarter ended June 30,
$17.2million for the six months ended June 30, 2017, compared to $18.8 million for the six months ended June 30, 2016.
- Approximately 27.0 million shares of common stock were outstanding at June 30, 2017.
Various statements in this release concerning Inotek’s future expectations, plans and prospects, including without limitation, Inotek’s expectations regarding its ability to identify or consummate a strategic alternative; Inotek’s expectations regarding reporting top-line data of its Phase 2 trial for its FDC or other trials; Inotek’s expectations with respect to the timing and success of its clinical studies and pre-clinical studies for trabodenoson, its FDC program, and orphan diseases; and Inotek’s expectations regarding its successful potential future development of trabodenoson for any indications; may constitute forward-looking statements for the purposes of the safe harbor provisions under
|Inotek Pharmaceuticals Corporation|
|(in thousands, except share and per share amounts)|
|Consolidated Balance Sheets|
|June 30, 2017||December 31, 2016|
|Cash and cash equivalents and short-term investments||$||108,754||$||126,473|
|Accounts payable, accrued expenses and other liabilities||$||4,293||$||7,519|
|2021 Convertible Notes, net of issuance costs||49,242||48,960|
|Total liabilities and stockholders’ equity||$||111,065||$||129,647|
|Consolidated Statements of Operations|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Research and development||$||(3,624||)||$||(6,465||)||$||(10,721||)||$||(14,080||)|
|General and administrative||(2,232||)||(2,315||)||(5,101||)||(4,837||)|
|Loss from operations||(5,856||)||(8,780||)||(15,822||)||(18,917||)|
|Net loss per share attributable to common stockholders—basic and diluted||$||(0.24||)||$||(0.33||)||$||(0.64||)||$||(0.71||)|
|Weighted-average number of shares outstanding—basic and diluted||26,994,454||26,623,280||26,990,409||26,523,337|
Claudine Prowse, Ph.D., 781-552-4305
Vice President, Corporate Development and IRO