Inotek venture backers look to advance lead glaucoma product with $19m financing


eye-6_sqThe venture backers of glaucoma treatment business Inotek Pharmaceuticals have spent another $21m financing the business to help it advance its lead product.

Backers including Devon Park Bioventures, Rho Ventures, Care Capital and Pitango Venture Capital returned to fund the company, which also received $7m of venture debt led by Horizon Technology Finance.

Johnathan Myers, associate attending surgeon on the Glaucoma Service at Wills Eye Hospital, said, “This molecule has the potential to be an important addition to the tools we now have to reduce intraocular pressure, and ideally the attendant optic nerve neuropathy that leads to vision loss in patients with glaucoma.”

In March French ophthalmology company EyeTechCare secured a third round of funding of €10m.

Private investor Bernard Chauvin took an equity stake in the company alongside existing investors Omnes Capital and Lyon-based insurer SHAM.

Since its last round of funding in 2010 EyeTechCare has completed the EyeMUST 1 trial, which tested its EyeOP1 device on around sixty glaucoma patients in nine centres in France.

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