"This is a very exciting time to be joining Otonomy, as the company has just completed enrollment of Meniere's Disease patients in the Phase 1b clinical trial of our lead product, OTO-104," said Dr. Weber. "Otonomy is moving aggressively to complete IND enabling activities for our second product, OTO-201, and the proceeds from our recently completed Series B financing provide us with the resources to advance a third program into clinical development. I look forward to working with the existing team, scientific advisors, clinical investigators and investors to bring new treatments to patients in this underserved field."
Founded in 2008 by Avalon Ventures and internationally recognized experts in the otology field, Otonomy raised $10 million in a Series A financing provided by Avalon. A recent $38.5 million Series B financing co-led by Novo Ventures and RiverVest Venture Partners, and joined by TPG Biotech, Domain Associates and Avalon, brought the total amount of venture capital raised by Otonomy to $48.5 million.
About Otonomy, Inc.Otonomy is a clinical stage biopharmaceutical company developing novel drug therapies for disorders of the inner and middle ear. Otonomy's core technology is a sustained release formulation developed for optimal delivery of drugs from a single intratympanic (IT) injection. Broad applicability of this delivery and formulation technology h
|SOURCE Otonomy, Inc.|
Copyright©2010 PR Newswire.
All rights reserved