Venture-backed Otonomy, a San Diego, CA-based developer of drug therapies for the inner and middle ear, announced a $100m initial public offering.
The biopharma company priced 6.25m shares of common stock at a price of $16.00 per share, which started trading on August, 13th, 2014 on the NASDAQ under the symbol OTIC.
Otonomy also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock which could increase the gross offering to a maximum of $115m if exercised.
The company is expected to have an opening market capitalization of approximately $350m.
Venture backers in Otonomy included Jennison Associates LLC, Perceptive Advisors, Federated Kaufmann Funds, private investment funds advised by Clough Capital Partners LP, Ally Bridge Group, OrbiMed Advisors LLC, Novo Ventures, TPG Biotech, Avalon Ventures, Domain Associates, RiverVest Venture Partners, Aperture Venture Partners, and Osage University Partners.