Inotek once had a facility in Dimona, but Pitango is its last Israeli connection.
Pitango Venture Capital has participated in a $23.6 million financing round by Boston-based Inotek Pharmaceuticals Corp.
Inotek was once a US-Israeli company, with 72 employees at a $10 million facility in Dimona in 2000. Inotek lead product at the time was a cancer drug that it jointly developing with Genentech Inc. (NYSE: DNA). The collaboration with Genentech was cancelled in 2008, in part because of problem's with the drug's safety. Although Inotek said that it would continue operating the Dimona facility, it didn’t. Since 2008, Inotek has focused on developing a treatment for glaucoma and replaced most of its management to fit the new field.
Pitango is Inotek's last Israeli connection.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2011
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