Biopharma company Otonomy receives $49.5m series C from numerous backers, including university investment consortium Osage University Partners.
Otonomy, a US-based pharmaceutical company, has raised $49.5m in a series C round backed by university investment consortium Osage University Partners.
The round was led by OrbiMed Advisors, with Aperture Venture Partners and Osage as new investors. Existing investors Avalon Ventures, Domain Associates, Novo Ventures, RiverVest Venture Partners and TPG Biotech also participated.
Otonomy, founded in 2008, focuses on developing innovative therapeutics for ear-based diseases and disorders, with two products, OTO-104 and OTO-201, currently in clinical trials. The firm has raised $94.4m in venture funding, including the recent series C. It held its series A, worth $10m and led by Avalon, in 2010. Its series B took place later in 2010, which raised $38.5m.
David Weber, chief executive of Otonomy, said: “We are pleased to have some of the world’s leading healthcare investors participate in this financing led by OrbiMed. Following the successful completion of clinical trials for both of our product candidates, Otonomy is now positioned to complete late-stage trials for both OTO-104 and OTO-201, and further expand our product pipeline.”
