INOTEK PHARMACEUTICALS CORP (ITEK) saw its loss widen to $10.67 million, or $0.40 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.07 million, or $0.38 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $9.97 million, compared with an operating loss of $10.14 million in the previous year period.
"Our Phase 2 fixed-dose combination (FDC) trial of trabodenoson and latanoprost is ongoing, and we recently completed the active recruitment phase," said David P. Southwell, president and chief executive officer. "We look forward to top-line results from this trial in July, and providing an update on our strategy for the development path for trabodenoson in glaucoma. We have communicated with the US Food and Drug Administration (FDA) regarding the MATrX-1 results. The FDA is in agreement with our conclusions that the trial did not meet its primary efficacy endpoint, however the safety profile of trabodenoson was comparable to placebo and there was minimal drug-related hyperemia."
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