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Otonomy Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares

SAN DIEGO, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Otonomy, Inc. (NASDAQ:OTIC), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics for diseases and disorders of the ear, today announced the closing of its previously announced underwritten public offering of 5,750,000 shares of its common stock (including 750,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares) at a price to the public of $20.00 per share, for total gross proceeds of $115 million, before deducting the underwriting discounts and commissions and other offering expenses. All of the common stock was sold by Otonomy.

BofA Merrill Lynch, Cowen and Company and Piper Jaffray acted as joint book-running managers for the offering. Sanford C. Bernstein and SunTrust Robinson Humphrey acted as co-managers.

A shelf registration statement (File No. 333-206752) was previously filed with the Securities and Exchange Commission (SEC) on September 3, 2015 and became effective on September 14, 2015. The final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting one of the following: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department; or Piper Jaffray & Co., 800 Nicollet Mall, Suite 1000, Minneapolis, MN 55402, or by telephone at 800-747-3924, or by email at prospectus@pjc.com.

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 the registration or qualification under the securities laws of such state or jurisdiction.

Contacts: Media Inquiries Canale Communications Heidi Chokeir, Ph.D. Senior Vice President 619.849.5377 heidi@canalecomm.com Investor Inquiries Westwicke Partners Robert H. Uhl Managing Director 858.356.5932 robert.uhl@westwicke.com

Source:Otonomy, Inc.