Inotek Pharmaceuticals Corp., a Lexington company developing treatments for glaucoma, said Friday it has closed on a $21 million financing that will help advance a glaucoma treatment called trabodenoson.
All of the company’s existing investors, including Devon Park Bioventures, Rho Ventures, Care Capital, Medimmune Ventures, and Pitango Venture Capital, participated in the financing, Inotek said in a press release.
In addition, Inotek said it also secured $7 million in venture debt led by Horizon Technology Finance Corp., a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, health care information and services, and clean-tech industries.
Inotek’s lead product is trabodenoson, an eye drop that increases aqueous fluid outflow via the eye’s trabecular meshwork. Inotek said proceeds from the $21 million financing will be used to advance trabodenoson through Phase 2 studies in glaucoma.
Inotek added that it also expects to initiate a Phase 2 study designed to evaluate the efficacy and safety of trabodenoson when combined with latanoprost for the treatment of glaucoma patients whose intraocular pressure is not well controlled by latanoprost therapy alone.
“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,’’ Rudolf Baumgartner, MD, Inotek’s chief medical officer, said in a statement.