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Inotek Pharmaceuticals Completes $20 Million Private Financing Funding Will Advance Clinical Development of Multiple Programs 
BEVERLY, MA April 13, 2004 Inotek Pharmaceuticals Corporation announced today that it has raised $20 million in a Series A Preferred Stock financing led by Care Capital LLC, Rho Ventures and MedImmune Ventures, Inc. Inotek’s products are based on a technology platform that targets cellular necrosis and tissue inflammation. Inotek’s two lead products, INO-1001 and GED, are currently in Phase II of clinical development. INO-1001 is a potent inhibitor of the nuclear cell death enzyme poly (ADP-ribose) polymerase (PARP). Over activation of PARP has been associated with cell death and acute disease in a variety of clinical conditions and Inotek is pursuing several indications for this product. Inotek’s other Phase II product is GED, an inducible nitric oxide synthase (iNOS) inhibitor. Excessive nitric oxide has been implicated in the pathophysiology of various inflammatory conditions. The company also has several other products in preclinical development. Prior to closing the Series A financing, the company primarily funded the research and early stage development of its products through federal and private grants and contracts, totaling over $35 million. In connection with this financing, Dr. Jerry Karabelas, Partner of Care Capital and former CEO of Novartis Worldwide Pharmaceuticals, and Mark Leschly, Managing Partner of Rho Ventures, have agreed to join the company’s Board of Directors. “I am thrilled to have raised a substantial amount of capital through such an outstanding group of venture capital firms,” said Andrew Salzman, M.D., Inotek’s co-founder and CEO. “These resources will enable us to advance our pipeline and to move several of our development candidates through Phase II and Phase III clinical trials. I am excited about working closely with our investors as they bring a great deal of industry experience and knowledge that will help guide us through our next phase of growth.” “Inotek’s management has been remarkably effective at building world class science and translating it into an exciting pipeline of products targeting large and underserved markets,” said Dr. Karabelas. “I look forward to working with the company as it moves toward product approval and commercialization.” About Care Capital LLC Care Capital LLC (www.carecapital.com) is an investment firm focusing on opportunities in life sciences, particularly companies developing pharmaceuticals. About Rho Ventures Rho Ventures is a venture capital firm with extensive investments in the healthcare, information technology and communication sectors. Since it was founded in 1981, the firm has invested in numerous companies including Active Power, Capstone Turbine, Ciena, Commerce One, Compaq Computer and Copper Mountain. Investments in the life sciences sector include Dendreon, Diversa, Dyax, Human Genome Sciences, Leukosite, MedImmune, NitroMed, Tercica, and Vicurion. Aggregate venture capital under management exceeds $1 billion. Additional information can be found at www.rho.com. About MedImmune Ventures, Inc. MedImmune Ventures, Inc. ( www.medimmune.com/ventures) is a wholly owned venture capital subsidiary of MedImmune, Inc., a leading biotechnology company. MedImmune Ventures seeks to discover and invest in companies and organizations developing therapeutic products or technologies with significant potential to improve the treatment or prevention of human disease. Contact: Jeffrey T. Walsh Vice President, Corporate Development Inotek Pharmaceuticals Corporation (978) 232-9660 x388 |
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Copyright ©2007 Rho Capital Partners, Inc.