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BEVERLY, MA November 17, 2005 Inotek Pharmaceuticals Corporation announced today that it has closed its Series B financing with the completion of the second $10 million tranche. In total, the Company raised $35 million in its Series B round. New investors in the Series B round were Caisse de dépôt et placement du Québec (the “Caisse”), the largest Canadian institutional investor with over CA$100 billion of net assets under management, and Pitango Venture Capital, the largest venture capital firm in Israel with over $1 billion under management. Also participating in the Series B round were all three of the Company’s Series A investors: Care Capital LLC, Rho Ventures, and MedImmune Ventures. “I am thrilled to have closed our Series B round with such top tier investors as it will provide the financial resources we need to further develop our rapidly advancing clinical pipeline and reach some significant clinical milestones within a short period of time.” said Andrew Salzman, M.D., Inotek’s President & CEO. “The addition of a major institutional investor such as the Caisse to our investor base is another tribute to the continued progress we are making with our pipeline, our global operations and our management team.” About Inotek Pharmaceuticals Inotek Pharmaceuticals Corporation (www.inotekcorp.com) is a private, high-growth, development-stage pharmaceutical company. Inotek has seven products in pre-clinical or clinical development targeting oncology, cardiovascular, and inflammatory diseases. The Company is pursuing indications in hospital cardiovascular markets as well as specialty care markets including dermatology, gastroenterology and oncology. All of Inotek’s technologies were discovered and developed by Inotek researchers. The Company currently has more than 100 employees, based in its headquarters and main laboratories in Beverly, Massachusetts and its clinical operations and GMP manufacturing facilities in Israel. 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. Inotek’s lead PARP inhibitor has entered two Phase 2a trials in acute cardiovascular indications as well as two Phase 1b trials in oncology. Several other next generation PARP inhibitors will enter the clinic in 2006. Additionally, Inotek has three clinical stage products in Phase 1 of clinical development as well as several other pre-clinical development programs. About the Caisse de dépôt et placement du Québec The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As of December 31, 2004, it held CA$102.4 billion of net assets. The Caisse invests in the main financial markets as well as in private equity and real estate. The institution partners with dynamic companies in various sectors, offering them a full range of debt and equity financing products. As of December 31, 2004, the private equity portfolios held more than 600 investments in funds and companies, totalling CA$10.2 billion of net assets. For more information: www.lacaisse.com About Pitango Ventures Pitango Venture Capital (www.pitango.com) is Israel's largest venture capital firm and a lead investor in seed, early, and expansion stage companies. Pitango has helped grow over 100 companies, managing funds in excess of $1 billion in committed capital. 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 (www.rho.com) is a venture capital firm with extensive investments in the healthcare, information technology, and communication sectors. Since its founding 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. About MedImmune Ventures, Inc. MedImmune Ventures, Inc. (http://www.medimmune.com/investors/mv/overview.asp) 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. Contacts: Jeffrey T. Walsh Chief Business Officer Inotek Pharmaceuticals Corporation (978) 232-9660 x2388 Annie Vallières Adviser, Information and Media Relations Caisse de dépôt et placement du Québec (514) 847-5493 |
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