Otonomy (OTIC) Announces Pricing of $60.1 Million Public Offering of Common Stock, Warrants

Otonomy, Inc. (Nasdaq: OTIC), a biopharmaceutical company dedicated to the development of innovative therapeutics for neurotology, today announced the pricing of an underwritten public offering of 14,500,000 shares of its common stock at a price to the public of $3.25 per share and, to certain investors in lieu of common stock, pre-funded warrants to purchase up to an aggregate of 4,000,000 shares of its common stock at a purchase price of $3.249 per each pre-funded warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The aggregate gross proceeds from this offering are expected to be approximately $60.1 million, before deducting underwriting discounts and commissions and other offering expenses payable by Otonomy. In addition, Otonomy has granted the underwriters a 30-day option to purchase up to an additional 2,775,000 shares of its common stock in connection with the public offering at the public offering price per share, less underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants are being sold by Otonomy. The offering is expected to close on or about July 13, 2020, subject to customary closing conditions.

Cowen and Piper Sandler are acting as joint book-running managers in the offering. Cantor Fitzgerald & Co. is acting as a bookrunner and H.C. Wainwright & Co. is acting as lead manager for this offering.

A shelf registration statement (File No. 333-227269) was previously filed with the Securities and Exchange Commission (SEC) on September 10, 2018 and became effective on September 21, 2018.

You May Also Be Interested In

• Bio-Path Holdings (BPTH) Announces 375K Share Offering at $3.225/sh
• Phoenix Motor Inc (PEV) Appoints Michael Yung as CFO
• Longeveron (LGVN) Raises $11.4M in Gross Proceeds from Warrant Exercise Offering and Public Offering