Otonomy Announces Pricing of $60.1 Million Public Offering
July 09 2020 - 9:00AM
Otonomy, Inc. (Nasdaq: OTIC), a biopharmaceutical company
dedicated to the development of innovative therapeutics for
neurotology, today announced the pricing of an underwritten public
offering of 14,500,000 shares of its common stock at a price to the
public of $3.25 per share and, to certain investors in lieu of
common stock, pre-funded warrants to purchase up to an aggregate of
4,000,000 shares of its common stock at a purchase price of $3.249
per each pre-funded warrant, which represents the per share public
offering price for the common stock less the $0.001 per share
exercise price for each such pre-funded warrant. The aggregate
gross proceeds from this offering are expected to be approximately
$60.1 million, before deducting underwriting discounts and
commissions and other offering expenses payable by Otonomy. In
addition, Otonomy has granted the underwriters a 30-day option to
purchase up to an additional 2,775,000 shares of its common stock
in connection with the public offering at the public offering price
per share, less underwriting discounts and commissions. All
of the shares of common stock and pre-funded warrants are being
sold by Otonomy. The offering is expected to close on or about July
13, 2020, subject to customary closing conditions.
Cowen and Piper Sandler are acting as joint book-running
managers in the offering. Cantor Fitzgerald & Co. is acting as
a bookrunner and H.C. Wainwright & Co. is acting as lead
manager for this offering.
A shelf registration statement (File No. 333-227269) was
previously filed with the Securities and Exchange Commission (SEC)
on September 10, 2018 and became effective on September 21, 2018. A
preliminary prospectus supplement relating to and describing the
terms of the offering was filed with the SEC on July 9, 2020. The
final prospectus supplement relating to 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 final 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.
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. 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 consummate 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
Otonomy (NASDAQ:OTIC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Otonomy (NASDAQ:OTIC)
Historical Stock Chart
From Jul 2023 to Jul 2024