Inotek Pharmaceuticals Corporation (ITEK) shares have leaped after the company made merger announcement with Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) recently. The company currently has a market cap of $79.49 million and the shares have been trading in the range of $3.80 and $0.85 over the last year. Reports indicate that before the merger announcement the shares of ITEK were trading at $1.05/share and since then have escalated to $2.49/share.
Trade analysts believe that the increase in the rate of the shares is because the investors are positive about the ITEK and RCKT combination. Based out of Lexington, MA, Inotek is a clinical-stage biopharmaceutical company engaged in discovery, development, and commercialization of therapies for glaucoma and other diseases related to the eye.
Traders News Source recently released a comprehensive report on Inotex that says that the previous trials from the company did not meet the expected primary efficacy endpoints. According to the leading independent equity research and corporate access firm focused on small and mid-cap companies, Inotek is now planning to focus its efforts on trying strategic alternatives.
Merger To Help Rocket Progress More Rapidly
The merger will be a big boost to the progress of Rocket Pharmaceuticals, an emerging, clinical-stage biotechnology company. Its current work is entirely focused on developing first-in-class gene therapy treatment options for untreated and rare diseases. It is currently engaged in an LVV-based gene therapy treatment of Fanconi Anemia (FA).
Apart from its above lead clinical program, Rocket is also involved in preclinical studies of additional bone marrow-derived disorders and through the program is targeting Pyruvate Kinase Deficiency (PKD), Infantile Malignant Osteopetrosis (IMO), and Leukocyte Adhesion Deficiency-1 (LAD-I). With this transaction with Inotek, the rich pipeline of Rocket is expected to progress at a more rapid pace and the current year is predicted to bring many more progressive transformations for the company.
Rocket Pharmaceuticals is hoping to enter the clinic this year by coming up with clinical proof of concept data from at least few of the lentiviral programs of 2018.