ITEK Prices Offering At $12.75/Share

(RTTNews) - Inotek Pharmaceuticals Corp. (ITEK) has offered to sell 5.4 million shares of its common stock to the public at a price of $12.75 each. The underwriters have a 30-day option to purchase up to an additional 810,000 shares of common stock.

The company's most-advanced product candidate is Trabodenoson, a novel glaucoma therapy. The first phase III study of Trabodenoson is expected to be initiated in the fourth quarter of this year, with topline data anticipated in 2016.

Inotek went public as recently as February 18, 2015, offering its shares at a price of $6.00 each.

As of June 30, 2015, the company had cash of $49.0 million. The offering, which is scheduled to close on or about August 18, 2015, is expected to generate proceeds of $69.9 million.

ITEK closed Wednesday's trading at $13.50, up 5.63%.