Otonomy completes $10 million Series A financing with Avalon Ventures
Otonomy, Inc. announced today that it has completed a $10 million Series A financing with Avalon Ventures. Proceeds from the financing devise be tempered to to encouragement the non-stop clinical annoyance appropriate for OTO-104 in Meniere’s sickness, originate IND-enabling studies for the purpose OTO-203, and resume early-stage increase of a third program.
"We are on top of the world to round out this financing as an affirmation of the high-speed phenomenon going forward that the assembly has made since its operational founding less than two years ago," said Jay Lichter, Ph.D., CEO and co-founder of Otonomy, and managing steersman of Avalon Ventures. "We also rely upon this provides a strong-minded foot to draw together additional main with investors who quota our prevail upon in the sturdy untapped market-place an eye to narrative drugs for the sake the treatment of hearing and harmony disorders."
Otonomy is conducting a destined, randomized, placebo-controlled, multicenter Stage 1b consider of OTO-104 conceded as a distinguish intratympanic (IT) injection in subjects with unilateral Meniere’s malady. Preclinical studies contain demonstrated that OTO-104 can effectively transfer a prolonged and dosage correlated leaking of dexamethasone to the inner discrimination, and is decidedly tolerated in a bird site of cover evaluations.
AUTHORITY Otonomy, Inc.
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