SAN DIEGO, Nov. 30, 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 appointment of Kathie M. Bishop, Ph.D., as chief scientific officer. Dr. Bishop is a neuroscientist with more than fifteen years of pharmaceutical development experience. At Ionis Pharmaceuticals, she led translational research and development of programs in the neurology franchise including SPINRAZAä (nusinersen), a treatment for patients with spinal muscular atrophy that is awaiting regulatory approval.
"Kathie is a great fit to lead our development efforts given her neuroscience background and successful track record managing significant development programs from inception through to registration," said David A. Weber, Ph.D., president and CEO of Otonomy. "Furthermore, her extensive experience with local drug delivery in the nusinersen as well as other programs is highly relevant to our focus in developing locally administered therapeutics for otic disorders."
Dr. Bishop succeeds Carl LeBel, Ph.D., who had previously announced his retirement. She joins Otonomy from Tioga Pharmaceuticals where she served as chief scientific officer since 2015. Previously, she served in product development management roles at Ionis Pharmaceuticals including vice president, clinical development. At Ionis, she led translational research and development of a portfolio of programs in the neurology franchise which included clinical-stage products for the treatment of spinal muscular atrophy, myotonic dystrophy, and amytrophic lateral sclerosis and preclinical programs targeting various disorders including retinal degeneration. Prior to Ionis, she served in research and development leadership roles at Ceregene, a company focused on the development of gene therapy products for the treatment of neurodegenerative disorders and retinal diseases. Before joining Ceregene, she worked as a post-doctoral fellow in the Molecular Neurobiology Lab at the Salk Institute in La Jolla. Dr. Bishop obtained her Ph.D. in Neuroscience from the University of Alberta, a B.A. in Psychology from Simon Fraser University and a B.Sc. in Cell Biology and Genetics from the University of British Columbia.
Otonomy is a biopharmaceutical company focused on the development and commercialization of innovative therapeutics for diseases and disorders of the ear. OTIPRIO® (ciprofloxacin otic suspension) is approved in the United States for use during tympanostomy tube placement surgery in pediatric patients, and commercial launch commenced in March 2016. OTO-104 is a steroid in development for the treatment of Ménière's disease and other severe balance and hearing disorders. Two Phase 3 trials in Ménière's disease patients are underway, with results expected during the second half of 2017. OTO-311 is an NMDA receptor antagonist for the treatment of tinnitus that is in a Phase 1 clinical safety trial. Otonomy’s proprietary formulation technology utilizes a thermosensitive gel and drug microparticles to enable single dose treatment by a physician. 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 future financial or operating performance of Otonomy. Forward-looking statements in this press release include, but are not limited to, the timing of results for the two OTO-104 Phase 3 clinical trials in Ménière's disease. 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: Otonomy's limited operating history and its expectation that it will incur significant losses for the foreseeable future; Otonomy's ability to obtain additional financing; Otonomy's dependence on the commercial success of OTIPRIO and the regulatory success and advancement of additional product candidates, such as OTO-104 and OTO-311, and label expansion indications for OTIPRIO; 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, 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; competition in the biopharmaceutical industry; Otonomy's dependence on third parties to conduct preclinical studies and clinical trials; the timing and outcome of hospital pharmacy and therapeutics reviews and other facility reviews; the impact of coverage and reimbursement decisions by third-party payors on the pricing and market acceptance of OTIPRIO; Otonomy's dependence on third parties for the manufacture of OTIPRIO and product candidates; Otonomy's dependence on a small number of suppliers for raw materials; Otonomy's ability to protect its intellectual property related to OTIPRIO and its product candidates in the United States and throughout the world; expectations regarding potential market size, opportunity and growth; Otonomy's ability to manage operating expenses; implementation of Otonomy's business model and strategic plans for its business, products and technology; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in Otonomy's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on November 3, 2016, 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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