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Otonomy, Inc. (Nasdaq: OTIC) announced that its shares will be suspended from trading on Nasdaq effective December 23, 2022, due to a closing bid price of less than $0.10 per share for ten consecutive trading days. The decision follows a request for a hearing to contest the delisting but was withdrawn after the company's announcement of a Plan of Dissolution. Consequently, Otonomy's shares will transition to the OTC Pink Market.
Otonomy, Inc. (Nasdaq: OTIC) announced a Plan of Liquidation and Dissolution following a strategic review of its operations. The plan involves distributing remaining cash to stockholders after winding down the business and selling pipeline assets. As part of cost reduction efforts, Otonomy has terminated all employees, incurring approximately $5.0 million in severance costs. The board approved the dissolution on December 13, 2022, and a special stockholder meeting will take place in early 2023 for approval. If approved, the company will cease trading and distribute available cash to stockholders.
Otonomy, Inc. (Nasdaq: OTIC) reported its Q3 2022 financial results and provided updates on its pipeline. The company discontinued development of OTO-313 after a failed Phase 2 trial in tinnitus patients and ceased R&D activities for OTO-413 due to similar results. A strategic review is ongoing to maximize pipeline value, potentially involving mergers or asset sales. As of September 30, 2022, Otonomy held $40.1 million in cash. Q3 operating expenses were $11.8 million, a slight decrease year-over-year.
Otonomy, Inc. (Nasdaq: OTIC) announced disappointing results from higher dose cohorts of OTO-413 for hearing loss, with no significant improvement in patient outcomes compared to baseline. This contrasts with previous positive findings at a lower dose of 0.3 mg in earlier trials. The company noted that a complex dose-response relationship might be affecting results. Otonomy plans to explore strategic options to enhance its pipeline, including both OTO-413 and OTO-825, amid a challenging financing environment.
Otonomy (NASDAQ: OTIC) announced the discontinuation of its OTO-313 development following a Phase 2 trial that showed no significant improvement over placebo for all primary and secondary endpoints. The trial involved 153 patients with moderate unilateral tinnitus and failed to demonstrate a clinically meaningful response. Despite some positive subgroup findings, the overall results do not support further development. The company will shift its focus to OTO-413, which has shown promise in Phase 2a trials, and expects to announce higher dosing results in Q4 2022.
Otonomy, Inc. (Nasdaq: OTIC) reported Q2 2022 financial results, with cash reserves of $53.1 million. The company anticipates top-line results for the OTO-313 Phase 2 trial in tinnitus by August 2022 and has completed patient enrollment for higher dosing evaluations of OTO-313 and OTO-413, with results expected in Q3 and Q4 2022, respectively. OTO-825 IND filing is anticipated in H1 2023. Operating expenses for Q2 were $12.8 million, up from $12.0 million year-over-year. The company estimates full-year operating expenses between $52-$54 million.
Otonomy, Inc. (Nasdaq: OTIC) announced it will report its second-quarter 2022 financial results and provide a corporate update on July 25, 2022, at 4:30 p.m. ET. The event will be accessible via a live webcast on Otonomy's investor relations website, which will also archive the session for 30 days. Otonomy is focused on developing innovative therapeutics for neurotology, utilizing a unique drug delivery technology aimed at addressing hearing loss and tinnitus.
Otonomy, Inc. (Nasdaq: OTIC) announced its participation in the H.C. Wainwright Global Investment Conference, set to take place on May 24, 2022. A pre-recorded presentation by the management team will be accessible at 7 a.m. ET / 4 a.m. PT on the conference website. Additionally, a link will be available on Otonomy's Events page. The company specializes in innovative therapeutics for neurotology, particularly in addressing hearing loss and tinnitus through advanced drug delivery technology.
Otonomy, Inc. (Nasdaq: OTIC) has announced the presentation of preclinical data for OTO-825, a gene therapy for congenital hearing loss, at the American Society of Gene & Cell Therapy (ASGCT) Meeting from May 16-19 in Washington, DC. Dr. Phillip Uribe will present findings on May 19 at 11:15 a.m. ET, focusing on OTO-825's development for GJB2 deficiency. Otonomy specializes in innovative therapeutics for neurotology, particularly aimed at addressing hearing loss and tinnitus through advanced drug delivery technology.
Otonomy, Inc. (Nasdaq: OTIC) reported positive top-line results from its OTO-413 Phase 2a trial for hearing loss, showing a significant treatment benefit over placebo in 40% of patients. The company is also fully enrolled in the OTO-313 Phase 2 tinnitus trial, with results expected in August 2022. Financially, Otonomy ended Q1 2022 with $62.9 million in cash and anticipates operating expenses between $52-54 million for the year. The company expects its cash will sustain operations into the second half of 2023, supporting multiple clinical readouts.
