Otonomy Appoints Jill Broadfoot to Board of Directors

Rhea-AI Summary

Otonomy, Inc. (Nasdaq: OTIC) announced the appointment of Jill Broadfoot to its board of directors, enhancing its strategic and financial expertise in the biopharmaceutical sector. Broadfoot, who brings experience as CFO at various companies including aTyr Pharma and Vical, expressed enthusiasm for Otonomy's neurotology focus and pipeline advancement. CEO David A. Weber highlighted her strong qualifications as integral to the company's growth trajectory and progress toward clinical milestones.

Positive

• Appointment of Jill Broadfoot to the board strengthens strategic and financial expertise.
• Broadfoot's extensive background in biopharmaceuticals could provide valuable insights and guidance.
• Her involvement may enhance the company's growth trajectory and achievement of clinical milestones.

Negative

• None.

SAN DIEGO, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Otonomy, Inc. (Nasdaq: OTIC), a biopharmaceutical company dedicated to the development of innovative therapeutics for neurotology, today announced the appointment of Jill Broadfoot to its board of directors.

“Jill is an excellent addition to the board with strong strategic, operational and financial expertise within the biopharmaceutical sector,” said David A. Weber, Ph.D., president and CEO of Otonomy. “We are excited to welcome her as we continue our growth trajectory and make progress to achieving our clinical milestones.”

Since 2018, Ms. Broadfoot has served as chief financial officer (CFO) of aTyr Pharma, Inc., a biotherapeutics company. Prior to joining aTyr, Ms. Broadfoot served as CFO of Emerald Health Pharmaceuticals Inc. and Emerald Health Bioceuticals Inc. where she was responsible for establishing operations for the U.S.-based pharmaceutical and bioceuticals entities. Previously, she served as Vice President, U.S. Corporate Controller at GW Pharmaceuticals, CFO of Vical Inc. and held various financial positions at DJO Global. Ms. Broadfoot also served as an audit manager at Ernst & Young LLP. She holds a B.S. in business administration and accounting from San Diego State University and is a Certified Public Accountant.

“I am pleased to join the Otonomy board of directors as the company continues to build on its strong neurotology foundation and advances its clinical and preclinical pipeline,” said Jill Broadfoot. “I look forward to working with the board and to contributing to the company’s continued progress and success.”

About Otonomy

Otonomy is a biopharmaceutical company dedicated to the development of innovative therapeutics for neurotology. The company pioneered the application of drug delivery technology to the ear in order to develop products that achieve sustained drug exposure from a single local administration. This approach is covered by a broad patent estate and is being utilized to develop a pipeline of products addressing important unmet medical needs with a focus on hearing loss and tinnitus. 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 the future financial or operating performance of Otonomy. Forward-looking statements in this press release include, but are not limited to, statements related to Otonomy’s development plans and timelines for its product candidates and programs; the potential benefits and advantages of Otonomy’s product candidates and programs; expectations regarding preclinical programs, including the potential benefits and development activities; expectations regarding Otonomy’s ability to advance its pipeline; and statements by Otonomy’s president and CEO and a member of the Board. 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 ability to accurately forecast financial results; Otonomy’s expectation that it will incur significant losses for the foreseeable future; Otonomy’s ability to obtain additional financing; Otonomy’s dependence on the regulatory success and advancement of its product candidates; competition in the biopharmaceutical industry; Otonomy’s dependence on third parties to conduct nonclinical studies and clinical trials, and for the manufacture of its product candidates; Otonomy’s ability to protect its intellectual property in the United States and throughout the world and to ensure compliance with various laws and regulations in countries in which it conducts clinical trials; expectations regarding potential therapy benefits, 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; general economic and market conditions; 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 (SEC) on August 4, 2021, 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.

Contacts:

Media Inquiries
Spectrum Science
Chloé-Anne Ramsey
Vice President
404.865.3601
cramsey@spectrumscience.com

Investor Inquiries
Westwicke ICR
Robert H. Uhl
Managing Director
858.356.5932
robert.uhl@westwicke.com 

FAQ

What is the significance of Jill Broadfoot's appointment to Otonomy's board?

Jill Broadfoot's appointment is significant as it adds strategic and operational expertise essential for Otonomy's growth and progress in clinical milestones.

What experience does Jill Broadfoot bring to Otonomy?

Broadfoot has served as CFO for multiple biopharmaceutical companies and has extensive financial and operational experience, which can benefit Otonomy's strategic direction.

How might Jill Broadfoot's addition impact Otonomy's clinical pipeline?

Her expertise in financial operations and biopharmaceuticals may enhance Otonomy's ability to advance its clinical and preclinical pipeline effectively.

When did Otonomy announce Jill Broadfoot's appointment?

Otonomy announced Jill Broadfoot's appointment to the board on August 19, 2021.