What’s going on with OTIC?
Otonomy Inc. (OTIC) stock was trading 5.92% lower after the biopharmaceutical company announced the pricing of 6,288,890 common stock shares available at underwritten public offering will be $2.25 per share. The shares were down $0.15 to $2.31 on Thursday afternoon.
What does this mean for Otonomy?
Investors responded by selling their Otonomy (OTIC) shares Thursday on the heels of the company’s pricing announcement but the stock started recovering when it reached the $2.25 offering price. The biopharmaceutical firm involved in developing therapeutics for neurotology, said it would price its public offering of 6,288,890 common stock at that price. The total would be up to 7,111,110 shares when including pre-funded warrants to purchase at $2.249 per share.
Otonomy has given its underwriters a 30-day option to buy an additional 2,010,000 shares. Altogether, the offering is anticipated to raise $30.1 million, and is expected to close on or about April 12.
OTIC has an Overall Score of 39. Find out what this means to you and get the rest of the rankings on OTIC!
Otonomy Inc is a biopharmaceutical company, focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. It offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. The company also develops OTO-104, a sustained-exposure formulation of the steroid dexamethasone for the treatment of Meniere's disease and other inner ear conditions; and OTO-311, a sustained-exposure formulation for the treatment of tinnitus. All the business activity primarily operates through the region of the United States.
