Wednesday, August 13, 2014
Otonomy Up In IPO
San Diego-based biopharmaceuticals firm Otonomy was up today in early trading, after pricing 6.25 million shares of its common stock at $16.00 per share last night. The company was trading around $17.52 today after its debut on the NASDAQ Global Market as OTIC. The company raised $100M in the IPO. The company priced at the high end of its initial estimated IPO range, which was $14.00 to $16.00 per share. The company is developing treatments for disorders of the inner ear. Otonomy was backed by Avalon Ventures, OrbiMed, Novo A/S, TPG Biotechnology Partners, Domain Associates, and Rivervest Venture Partners.