Otonomy Raises $49 Million in Oversubscribed Financing
SAN DIEGO, April 30, 2014-- Otonomy, Inc., a biopharmaceutical company developing and commercializing innovative therapeutics for diseases and disorders of the inner and middle ear, today announced it has secured $49 million in an oversubscribed Series D round of financing. New investors include Jennison Associates LLC (on behalf of clients), Perceptive Advisors, Federated Kaufmann Funds, certain private investment funds advised by Clough Capital Partners LP, Ally Bridge Group, and additional undisclosed institutional investors. All existing investors participated in the round including OrbiMed Advisors LLC, Novo Ventures, TPG Biotech, Avalon Ventures, Domain Associates, RiverVest Venture Partners, Aperture Venture Partners, and Osage University Partners.
Proceeds from the financing will be used primarily to advance the company's product pipeline through the potential filing for regulatory approval of OTO-201 in pediatric patients undergoing tympanostomy tube placement surgery, completion of the ongoing pivotal study of OTO-104 in Meniere's disease patients, and advancement of OTO-311 into clinical development for the treatment of tinnitus.
"We appreciate the continued financial backing provided by our existing investors and welcome our new investors who bring valuable perspective, experience, and capital resources to the company," said David A. Weber, Ph.D., president and CEO of Otonomy. "This financing strengthens our balance sheet as we work to achieve important milestones for each of our three product candidates. Furthermore, these funds will support our transition to a pre-commercial company pending positive clinical results from the ongoing OTO-201 Phase 3 trials."
Otonomy is a biopharmaceutical company developing and commercializing innovative therapeutics for diseases and disorders of the ear. Otonomy's proprietary technology provides sustained exposure of drugs to the middle and inner ear following a single intratympanic (IT) injection. Otonomy has three product candidates in development. OTO-201 is an antibiotic that is in Phase 3 clinical trials in pediatric patients with middle ear effusion at the time of tympanostomy tube placement surgery. OTO-104 is a steroid that is in the first of two pivotal clinical studies for the treatment of patients with Meniere's disease. OTO-311 is an NMDA receptor antagonist in development as a treatment for tinnitus. For more information please visit: www.otonomy.com.
Robert H. Uhl
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