Inotek Pharmaceuticals(ITEK) plummet 71.31% because of trabodenoson Phase 3 fail

By:    Updated: January 3,2017

On January 3, 2017, Inotek Pharmaceuticals Corporation(NASDAQ:ITEK) announced top-line results of MATrX-1, the first pivotal Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT). The trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure (IOP) compared with placebo at all 12 time points.

Stock Plummet

Inotek Pharmaceuticals has dropped from $6.10 to $1.75, down 71.31% on the day.

About Inotek Pharmaceuticals Corporation

Inotek Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma and other eye diseases. The Company's lead product candidate, trabodenoson, is a first-in-class selective adenosine mimetic currently in Phase 3 development. Trabodenoson was developed in Inotek's laboratories and is designed to restore the eye's natural pressure control mechanism. Additionally, the Company is evaluating the potential for selective adenosine mimetics to address optic neuropathies and other degenerative retinal diseases. For more information, please visit www.inotekpharma.com.

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