$21 million raised for new glaucoma drug

Inotek Pharmaceuticals has raised $21 million to finance a phase 2 study of trabodenoson, a topical glaucoma medication that increases aqueous fluid outflow through the trabecular meshwork. Inotek expects to initiate the study later this year.

The study will evaluate the efficacy and safety of trabodenoson in combination with latanoprost for the treatment of glaucoma patients whose IOP is not well controlled by latanoprost therapy alone.

In a recently completed multi-dose Phase 2 study, trabodenoson monotherapy was shown to significantly reduce IOP in glaucoma patients, achieving efficacy in the range of market-leading prostaglandins such as latanoprost.

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. Concurrent with the equity financing, Inotek also secured $7 million in venture debt led by Horizon Technology Finance Corporation.