SAN DIEGO, April 1, 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 appointment of Dean Hakanson, M.D., as chief medical officer. Dr. Hakanson has more than 16 years of industry experience in medical affairs, market access and health economic research with leading pharmaceutical companies including Novartis, Bristol-Myers Squibb, Genentech and GlaxoSmithKline.
"Dean's depth of knowledge and experience in medical affairs, market access, and reimbursement support activities will be extremely valuable as Otonomy prepares for commercialization of our first product," said David A. Weber, Ph.D., president and CEO of Otonomy. "We look forward to working with Dean as we prepare to launch AuriPro™ in the U.S. market in the first quarter of 2016, and will also leverage his outcomes research expertise in the development of our other product candidates."
Dr. Hakanson joins Otonomy from Novartis, where he served as the vice president and head of health economics & outcomes research (HE&OR) for U.S. medical and drug regulatory affairs, preceded by a role as the vice president and medical head of the west operating unit where he led a field-based medical organization. Previous to Novartis he served as the vice president of healthcare access at Bristol-Myers Squibb, and prior to this position he served as the head of value-based healthcare/payer field team at Genentech. He also previously held positions of increasing responsibility at GlaxoSmithKline, most recently serving as vice president, medical affairs commercial operations; preceded by roles as vice president of managed markets, national accounts; medical director, Cigna national account; and director, client and strategic alliance.
Prior to joining GlaxoSmithKline, Dr. Hakanson was a medical director and critical care physician at John C. Lincoln IDS in Phoenix, Ariz. Previous to this role, he was a medical director and critical care physician at Tenet Healthcare Corporation in San Francisco, Calif. Currently, Dr. Hakanson is a diplomat of the American College of Physician Executives and diplomat of the American Board of Anesthesiology and American Society of Anesthesiologists. He obtained a medical degree from the University of Colorado School of Medicine and a bachelor's degree in cellular physiology and physics from the University of Denver.
Otonomy is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics for diseases and disorders of the ear. Otonomy's proprietary technology provides sustained exposure of drugs to the middle and inner ear following a single intratympanic injection. Otonomy has three product candidates in development. AuriPro™ is an antibiotic that has completed Phase 3 clinical trials in pediatric patients with middle ear effusion at the time of tympanostomy tube placement surgery, and a New Drug Application for AuriPro in this indication has been submitted to the FDA. OTO-104 is a steroid that is in the first of two pivotal clinical studies for the treatment of patients with Ménière's disease. OTO-311 is an NMDA receptor antagonist in development as a treatment for tinnitus. For additional information please visit www.otonomy.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Otonomy's future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, Otonomy's expectations regarding the commercial launch of AuriPro™ in the United States and the development of its other product candidates. Otonomy's expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties. Actual results may differ materially from those indicated by these forward-looking statements as a result of these risks and uncertainties, including but not limited to: the uncertainties inherent in the clinical drug development process, including, without limitation, Otonomy's ability to adequately demonstrate the safety and efficacy of its product candidates, the preclinical and clinical results for its product candidates, which may not support further development of product candidates, and challenges related to patient enrollment in clinical trials; Otonomy's ability to obtain regulatory approval for its product candidates; side effects or adverse events associated with Otonomy's product candidates; developments related to competitors and the industry; Otonomy's dependence on third parties to conduct preclinical studies and clinical trials; Otonomy's dependence on third parties for the manufacture of products; Otonomy's dependence on a small number of suppliers for raw materials; Otonomy's ability to protect its intellectual property related to product candidates in the United States and throughout the world; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in Otonomy's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 18, 2015, and Otonomy's future reports to be filed with the SEC. The forward-looking statements in this press release are based on information available to Otonomy as of the date hereof. Otonomy disclaims any obligation to update any forward-looking statements, except as required by law.
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