SAN DIEGO, Jan. 22, 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 pricing of its follow-on public offering of 2,550,000 shares of its common stock at a price to the public of $29.25 per share, for total gross proceeds of approximately $75 million before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on January 28, 2015, subject to customary closing conditions. In addition, Otonomy has granted the underwriters a 30-day option to purchase up to 382,500 additional shares of common stock at such offering price, less customary underwriting discounts and commissions. All of the common stock is being offered by Otonomy.
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 and became effective on January 22, 2015. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering when available 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.
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.
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