By Kimberly N. Alleyne
Stroudsburg, Pa., Aug. 30 - Inotek Pharmaceutical Corp. announced Tuesday it has raised $25 million in the first tranche of a planned $35 million series B preferred stock financing, and will use the funds for the clinical development of multiple programs.
The company expects to close the second tranche of the series B round by the end of the year.
Pitango Venture Capital led the round. Others participants were the company's existing investors, Care Capital LLC, Rho Ventures and MedImmune Ventures, Inc.
Nissim Darvish, partner of Pitango, agreed to join the company's board of directors in connection with the financing.
"I am very pleased by the level of interest that we received from both new and existing investors in this round," Andrew Salzman, Inotek's president and chief executive officer, said in a news release.
Inotek Pharmaceuticals is a private, high-growth development-stage pharmaceutical company headquartered in Beverly, Mass.
| Issuer: | Inotek Pharmaceutical Corp.
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| Issue: | Preferred stock
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| Round: | B
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| Amount: | $35 million
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| Investors: | Pitango Venture Capital (lead), Care Capital LLC, Rho Ventures and MedImmune Ventures
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| Announcement date: | Aug. 30
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