Otonomy raises $100 million in IPO

Otonomy Inc. (NASDAQ:OTIC) was up $1.15 to $17.15 on its first day of trading Wednesday after raising $100 million through the sale of 6.3 million shares at $16 in an IPO. The price values the company at $325.4 million. Earlier this month, the company said it planned to sell 5.3 million shares at $14-$16. JPMorgan; BofA Merrill Lynch; Piper Jaffray; and Sanford C. Bernstein are underwriters.

The company plans to submit an NDA to FDA in 1H15 for AuriPro ciprofloxacin (formerly OTO-201) to treat middle ear effusion in pediatric patients requiring tympanostomy tube placement surgery. AuriPro is a sustained-release gel formulation of ciprofloxacin. ...