Hercules Provides $1.5 Million of Equity to Inotek Pharmaceuticals Corporation, a Leading Clinical Stage Drug Development Company
PALO ALTO, Calif.--(BUSINESS WIRE)--
Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), a leading specialty finance company providing growth capital in the form of venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, today announced that on August 22, 2007, it provided $1.5 million of equity to Inotek Pharmaceuticals Corporation, a drug development company focused on oncology, cardiovascular and inflammatory diseases. In total, Inotek raised $19.3 million in the Series C round.
"The level of support Inotek has received from highly-regarded venture capital firms was a leading factor in our decision to fund Inotek," said Bryan Jadot, principal at Hercules. "It is rare to find such a robust drug pipeline in a company of this size and stage of growth. The capital provided by Hercules and other venture capital firms will support further progress in the advancement of Inotek's drug programs."
Inotek currently has three programs in clinical trials, including its lead program focused on the development of inhibitors of the nuclear enzyme poly (ADP-ribose) polymerase or PARP, which is in ongoing Phase 1b trials in oncology through Inotek's 2006 partnership with Genentech. Inotek's other two clinical programs are fully owned and are expected to enter Phase 2 trials in 2008 or 2009. Additionally, Inotek has several preclinical programs, including a series of next generation PARP inhibitors that are advancing through preclinical testing in a variety of inflammatory conditions and for which Inotek has retained full rights. All of Inotek's technologies were designed and developed by Inotek's researchers.
"Inotek has one of the deepest and most advanced PARP inhibitor programs in the pharmaceutical industry," said Andrew Salzman, president and chief executive officer of Inotek. "The equity from our Series C round provides us with the necessary funding to capitalize on the broad potential of PARP inhibitors outside of cancer and to advance our other clinical programs. We look forward to working with Hercules and the rest of our Series C investors."
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. The Company primarily finances privately held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules' strategy is to evaluate and invest in a broad range of ventures active in technology and life science industries and to offer a full suite of growth capital products up and down the capital structure to prospective clients ranging from early-stage growth to expansion stage companies. The Company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder, Costa Mesa and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital.
For more information, please visit www.HTGC.com. Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
About Inotek Pharmaceuticals:
Inotek Pharmaceuticals Corporation (www.inotekcorp.com) is a private development-stage pharmaceutical company. Inotek has several products in development targeting oncology, cardiovascular, and inflammatory diseases. All of Inotek's technologies were discovered and developed by Inotek researchers.
The Company's lead program is focused on the development of potent oral and i.v. inhibitors of the nuclear enzyme poly (ADP-ribose) polymerase or PARP, which is in ongoing Phase 1b trials in oncology through Inotek's 2006 partnership with Genentech. The Company has multiple additional clinical and pre-clinical internal development projects including two ongoing Phase 1 programs, one planned Phase 1 program and a Next Generation PARP inhibitor program advancing through preclinical development.
Forward-Looking Statements:
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
Source: Hercules Technology Growth Capital, Inc.
Released August 28, 2007