Otonomy Announces Launch of Follow-on Public Offering

SAN DIEGO, Jan. 21, 2015 (GLOBE NEWSWIRE) -- Otonomy, Inc. (Nasdaq: OTIC), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics for diseases and disorders of the inner and middle ear, today announced the launch of its proposed follow-on public offering of approximately $75 million of its common stock. All shares of common stock to be sold in the offering will be offered by Otonomy. In addition, Otonomy expects to grant the underwriters a 30-day option to purchase up to an additional approximately $11 million of its common stock.

J.P. Morgan Securities LLC is acting as the sole book-running manager for the offering, Piper Jaffray & Co. and Cowen and Company, LLC are acting as lead managers, and Sanford C. Bernstein & Co., LLC is acting as co-manager.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204.

CONTACT: Media Inquiries
         Canale Communications
         Heidi Chokeir, Ph.D.
         Vice President
         619.849.5377
         [email protected]

         Investor Inquiries
         Westwicke Partners
         Robert H. Uhl
         Managing Director
         858.356.5932
         [email protected]

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