Inotek sheds 85 of its 120 employees

Inotek Pharmaceuticals Corp., a Beverly biotech company, said today it has shuttered several international offices, including its manufacturing plant in Israel, and shed 85 of its 120 employees over the past three months.

Despite the cutbacks internationally, Jeffrey T. Walsh, the company's chief business manager, said its Massachusetts headquarters, with 35 employees, is continuing to grow. Walsh said Inotek, which has raised $79 million in venture capital, still has $40 million to continue operating for the foreseeable future, but decided to outsource its manufacturing and narrow its focus.

The company has two drugs in early clinical trials, including one to treat glaucoma and another to treat "oxidative cell damage."
(By Todd Wallack, Globe staff)