Inotek Pharmaceuticals (NSDQ:ITEK) said last week that its glaucoma drug failed in a Phase II trial. This marks the 2nd problem for Inotek’s drug this year, after it failed in a late-stage trial comparing it to a placebo in January.
In response to the data, CEO David Southwell said in a statement that the company is assessing the future of its drug, trabodenoson, and “other strategic options.”
The Lexington, Mass.-based company’s Phase II trial enrolled 201 patients and studied trabodenoson with Xalatan, or latanoprost. Inotek was looking for its compound to demonstrate an improvement in intraocular pressure over the course of the 2-month trial. The company tested 3 doses combinations of trabodenoson and Xalatan.
Although patients who received the combination therapy experienced improvement compared to latanoprost alone, the effect was not lasting. By day 56, the intraocular pressure in patients who received just latanoprost had improved by 1.3 mmHg, while those treated with the combination didn’t experience any benefit.
The company has brought on Perella Weinberg Partners to serve as a financial advisor while Inotek reviews its options.
ITEK shares plummeted today, trading down -50% at 90¢ apiece in afternoon activity.
