LEXINGTON, Mass.--(BUSINESS WIRE)--Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) has commenced an underwritten public offering of $50 million aggregate principal amount of Convertible Senior Notes due 2021 (the “Notes”), which includes the grant to the underwriters of a 30-day option to purchase up to an additional $7.5 million aggregate principal amount of Notes.

When issued, the Notes will be general unsecured obligations of the Company and we will pay interest semi-annually in arrears. The Notes will mature on August 1, 2021, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. The Notes will be convertible at the option of holders of the Notes at any time until the close of business on the second business day immediately preceding the maturity date. Upon conversion, holders of the Notes will receive shares of the Company’s common stock. The Company may redeem the notes, at its option, in whole or in part, if certain conditions are met. Final terms of the Notes, including interest rate, conversion rate and other terms, will be determined at the time of pricing of the offering.

The Company intends to use the net proceeds from this offering to fund the continued testing of trabodenoson as a monotherapy and as a fixed-dose combination with latanoprost for the reduction of intraocular pressure and for general corporate purposes.

The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Cowen and Company, LLC is the sole book-running manager for the offering. Perella Weinberg Partners LP and J. Wood Capital Advisors LLC are serving as financial advisors to the Company in connection with the offering.

About Inotek Pharmaceuticals Corporation

Inotek is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma and other eye diseases.