ST. LOUIS and SAN DIEGO (August 13, 2014)
ST. LOUIS and SAN DIEGO (Aug. 13, 2014) – Otonomy, Inc., a RiverVest Fund II portfolio company that develops drug therapies for the inner and middle ear, announced today its $100 million initial public offering.
The San Diego-based biopharma company priced 6.25 million shares of common stock at a price of $16.00 per share, which starts trading today on the NASDAQ under the symbol OTIC.
Otonomy also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock which could increase the gross offering to a maximum of $115 million if exercised. Otonomy is expected to have an opening market capitalization of approximately $350 million.