Inotek Pharmaceuticals Corp (NASDAQ:ITEK) has announced that the US Trademark and Patent Office has issued a new composition of matter patent, for the company’s lead product candidate, trabodenoson. The patent would be valid until 2033. The drug is currently in the phase-3 of clinical trials and is targeted at patient of glaucoma.
Trabodenoson targets the trabecular meshwork, in the eye and augments its natural function, in order to block the transport of aqueous humor out of the eye. The CSO of Inotek, William McVicar, stated the formulation of the drug, in eye drops, relies on the ability of the company to control the formation of crystalline forms of the drug. He further added that the new composition of matter patent would protect the company’s procedures, in the US. The CSO concluded by stating that the extension of the patent to other countries, is awaiting approval.
Furthermore, ITEK has filed a form 8-K with the SEC, disclosing an amendment to a previously reached lease agreement, with 91 Hartwell Avenue Trust. The amendment was agreed upon on February 24, 2016. As per the amendment, the company would gain access to an additional 3,888 sq-ft of office space, effective from July 1, 2016. The lease agreement would expire in February 2023.
However, Inotek would have the right to ask for 5-year extension, in the lease agreement, with respect to only the initial premises, only the additional premises or both the initial and additional premises. Furthermore, the company would be required to pay an additional, 1/12 of the original amount, as rent for the additional premises.
Inotek currently holds an average rating of strong buy, from analysts, with a 1-year price target of $34.50. Added to this, the analysts also believe that ITEK would report an EPS of $0.30, for the current quarter. Furthermore, institutional investor, GW&K Investment Management, has raised its stake in the company by 14.8%.
Inotek Pharmaceuticals Corp (NASDAQ:ITEK) suffered a loss of 6.31% in its share value, during the March 10 trading session, to reach a close at $6.09.