Otonomy Announces Pricing of $30.1 Million Public Offering
April 07 2021 - 10:02PM
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
6,288,890 shares of its common stock at a price to the public of
$2.25 per share and, to certain investors in lieu of common stock,
pre-funded warrants to purchase up to an aggregate of 7,111,110
shares of its common stock at a purchase price of $2.249 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 $30.1 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 2,010,000 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 April 12, 2021, subject
to customary closing conditions.
Cowen and Piper Sandler are acting as joint book-running
managers in the 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 April 7, 2021. 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, 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
Director858.356.5932 robert.uhl@westwicke.com
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