MedImmune-backed Inotek, which is working on treatments for glaucoma, priced its IPO at $6a share and is set to secure an additional $20m in convertible debt.

Inotek Pharmaceuticals, a US-based biopharmaceutical company developing treatments for glaucoma, has priced its initial public offering at $6 per share, and is set to raise $40m.

Inotek, which included biotechnology company MedImmune among its investors, will issue approximately 6.6 million shares, and will trade on Nasdaq. It is concurrently issuing $20m of convertible senior notes with an annual interest rate of 5% that are due to mature in February 2020.

The size of the offering is smaller than the $132m…