Otonomy Announces Proposed Public Offering
July 08 2020 - 4:03PM
Otonomy, Inc. (Nasdaq: OTIC), a biopharmaceutical company
dedicated to the development of innovative therapeutics for
neurotology, today announced that it has commenced an underwritten
public offering of its common stock. All shares of common stock to
be sold in the offering will be offered by Otonomy and, in lieu of
common stock, to offer and sell to certain investors pre-funded
warrants to purchase shares of its common stock in an underwritten
public offering. In addition, Otonomy expects to grant the
underwriters a 30-day option to purchase up to an additional 15% of
the shares of common stock offered in this public offering. The
offering is subject to market and other conditions, and there can
be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Cowen and Piper Sandler are acting as joint
book-running managers in the offering. Cantor Fitzgerald & Co.
is acting as a passive bookrunner.
A shelf registration statement (File No.
333-227269) was previously filed with the Securities and Exchange
Commission (SEC) on September 9, 2018 and became effective on
September 21, 2018. A preliminary prospectus supplement relating to
and describing the terms of the offering will be filed with the SEC
and will be available on the SEC’s website at www.sec.gov. When
available, copies of the preliminary prospectus supplement and the
accompanying prospectus relating to these securities may also be
obtained by contacting one of the following: Cowen and Company,
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY, 11717, Attn: Prospectus Department, by telephone at
(833) 297-2926, or by email at
PostSaleManualRequests@broadridge.com; or Piper Sandler & Co.,
by mail at 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn:
Prospectus Department, or by telephone at (800) 747-3924, or
by email at prospectus@psc.com. The final terms of the offering
will be disclosed in a final prospectus supplement to be filed with
the SEC.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws,
including, but not limited to, statements Otonomy makes regarding
its intention to conduct an offering and sale of securities, the
grant of the option to purchase additional shares and the ability
to complete this offering. These statements involve risks and
uncertainties that could cause actual results to differ materially,
including, but not limited to, whether or not Otonomy will be able
to raise capital through the sale of shares of common stock or
consummate the offering, the final terms of the offering, the
satisfaction of customary closing conditions, prevailing market
conditions, the anticipated use of the proceeds of the offering
which could change as a result of market conditions or for other
reasons, and the impact of general economic, industry or political
conditions in the United States or internationally. Additional
risks and uncertainties relating to the offering, Otonomy and its
business can be found under the heading “Risk Factors” in Otonomy’s
most recent current, quarterly and annual reports filed with the
SEC and in the preliminary prospectus supplement and accompanying
prospectus relating to the offering to be filed with the SEC.
Otonomy assumes no duty or obligation to update or revise any
forward-looking statements for any reason.
Contacts:Media InquiriesSpectrum
ScienceChloé-Anne RamseyVice
President408.865.3601cramsey@spectrumscience.com
Investor InquiriesWestwicke ICRRobert H.
UhlManaging Director858.356.5932robert.uhl@westwicke.com
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