Otonomy Raises $38.5M

San Diego-based Otonomy, a biopharmaceuticals firm developing products to treat disorders of the inner and middle ear, announced today that it has raised $38.5M in a Series B financing. The round was led by Novo Ventures and RiverVest Venture Partners, and also includes Domain Associates, TPG Biotech, and Avalon Ventures. The firm said the new fundings will go to support its programs through clinical studies. Peter Bisgard of Novo Ventures, Brian Dovey of Domain Associates, John McKearn of Riverstone Venture Partnres, and Heather Preston of TPG Biotech have all joined the board as part of the new funding round. Otonomy said its last funding was $10M in a Series A, from Avalon, in June, bringing its total raised to $48.5M. More information »