Healthcare Industry News: PARP inhibitor
News Release - August 23, 2007
Inotek Pharmaceuticals Secures $19 million FinancingBEVERLY, Mass.--(HSMN NewsFeed)--Inotek Pharmaceuticals Corporation announced today that it has closed a Series C financing, raising $19.3 million. All of Inotek's previous investors participated in the round, including Care Capital LLC, La Caisse de depot et placement du Quebec, MedImmune Ventures, Pitango Venture Capital, and Rho Ventures. Inotek added three additional investors in the Series C round: Hercules Technology Growth Capital, Inc., Meditor Capital Management, and Mitsubishi UFJ Capital.
"With several of our programs nearing clinical proof of concept, this round of financing provides us with the resources to generate first proof of efficacy data for at least three separate internal therapeutic programs. It will also fund the expansion of our development team to support our long-term growth," said Andrew Salzman, M.D., Inotek's President & CEO. "I am pleased by the continued support shown by our existing investors and look forward to working with our newest partners, Meditor, Mitsubishi UFJ Capital, and Hercules."
About Inotek Pharmaceuticals
Inotek Pharmaceuticals Corporation (www.inotekcorp.com) is a private development-stage pharmaceutical company. Inotek has several products in development targeting oncology, cardiovascular, and inflammatory diseases. All of Inotek's technologies were discovered and developed by Inotek researchers.
The Company's lead program is focused on the development of potent oral and i.v. inhibitors of the nuclear enzyme poly (ADP-ribose) polymerase or PARP, which is in ongoing Phase 1b trials in oncology through Inotek's 2006 partnership with Genentech. The Company has multiple additional clinical and pre-clinical internal development projects including two ongoing Phase 1 programs, one planned Phase 1 program and a Next Generation PARP inhibitor program advancing through preclinical development.
Source: Inotek Pharmaceuticals
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