The company expects to submit its New Drug Application filing in mid-2016.
The stock was up 26.01% to $26.50 at 12:40 p.m.
Shares of Inotek Pharma plummeted Tuesday after saying that its Phase 3 clinical trial for the treatment of glaucoma did not "achieve superiority to the placebo."
The Lexington, Mass.-based biotech company said Tuesday that an experimental treatment for glaucoma failed to fully demonstrate superiority over placebo in a phase III clinical trial.
TheStreet's biotech columnist offers his own report card on biotech stocks.