Inotek Pharmaceuticals Q1 Loss Widens

Inotek Pharmaceuticals Corporation ITEK reported a wider net loss for the first quarter. The company indicated it continued to enroll well and expect top-line data from the Phase 3 MATrX-1 trial in the fourth quarter.

Inotek said its net loss was $10.1 million or a loss of $0.38 a share for the first quarter ended March, compared to a net loss of $1.5 million or a loss of $0.21 a share in the year-ago quarter.

The company's President and CEO, David Southwell, said, "The Phase 3 MATrX-1 study of trabodenoson continues to enroll well, and we continue to expect top-line data from this study in the fourth quarter of 2016. Additionally, we have recently added to the body of literature supporting the profile of trabodenoson as a potential novel treatment for glaucoma with two new peer-reviewed publications, one describing our Phase 1 clinical safety trial and one reporting our Phase 2 monotherapy trial showing the activity of trabodenoson in patients with glaucoma or ocular hypertension."

He added that "Additionally, we plan to extend the scope of the trabodenoson development program in 2016 by initiating a Phase 2 combination study of trabodenoson and latanoprost, as a fixed-dose combination, in a single eye drop."

The company has cash and cash equivalents of $102.3 million at the end of the first quarter.

The stock traded 0.38 percent higher on Tuesday.