Biopharmaceutical company Otonomy is now trading on Nasdaq.

Otonomy, a clinical-stage biopharmaceutical company, is selling 6,250,000 shares of common stock at $16 each in its initial public offering (IPO). The pricing translates to a $100m fundraising for the company.

Otonomy began trading on August 13, 2014 under Otic and closed its first day at a pricing of $17.15 per share.

The company, founded in 2008, is working on therapeutics for disorders and diseases of the inner ear. It has raised $143.4m, with its series D closing oversubscribed at $49m in May 2014. Among its backers is Osage University Partners, which joined in series C and re-invested in series D. Osage is a venture capital fund specialising in university spin-outs and counts partnerships with more than 50 universities, national labs and research institutions.

The offering sees JP Morgan Securities and Bank of America Merrill Lynch act as joint book-running managers. Piper Jaffray & Co is acting as lead manager and Sanford C. Bernstein & Co as co-manager. The underwriters have a 30-day option to purchase up to 937,500 additional shares of common stock at the IPO price – equaling $15m – less customary discounts and commissions.