New investors Aperture Venture Partners and Osage University Partners also took part alongside existing backers Avalon Ventures, Domain Associates, Novo Ventures, RiverVest Venture Partners and TPG Biotech.
OrbiMed private equity partner Chau Khuong also joined the company’s board of directors following the investment.
The company said it planned to use the financing to fund late-stage clinical trials for two of its treatment, continue development work to advance a third program to clinical trials and for general corporate purposes.
Khuong said, “Otic diseases remain underserved by the pharmaceutical industry and represent a significant unmet medical need with millions impacted each year in the US alone.
“OTO-104 and OTO-201 along with the company’s proprietary technologies have established Otonomy as a leader in this field, and provide the opportunity for significant revenue generation and value creation.”
Previous backers Advent Life Sciences and Index Ventures, which funded the company’s $5.4m Series A round in January last year, also re-invested in the business.
Acutus said the new capital would go towards product development, clinical trials, regulatory approvals and early commercialisation.
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