Inotek Pharmaceuticals, a biotech developing a small molecule eye drop therapy to treat glaucoma, raised $40 million by offering 6.7 million shares at $6.00 per share.
At the offer price, it commands a fully diluted market value of $96 million. Insiders intend to purchase up to $18 million of the deal (45% of the float). The biotech is concurrently raising $20 million in debt.
Inotek had previously filed to raise $65 million by offering 4.6 million shares at a range of $13 to $15; the revised price represents a 52% decrease in market value.
Inotek Pharmaceuticals plans to list on the NASDAQ under the symbol ITEK. Cowen & Company and Piper Jaffray acted as lead managers on the deal.
