Venture-backed ear disorder treatment business Otonomy has picked up another $49m of funding through an oversubscribed Series D round.
The company received renewed backing from firms including OrbiMed Advisors, Novo Ventures and TPG Biotech through the round, which also saw new investment from Jennison Associates and Perceptive Advisors.
Otonomy has created a technology which allows sustained exposure of drugs to the middle and inner ear, which it believes will be useful in treating ailments such as tinnitus.
Company president and CEO David Weber said, “We appreciate the continued financial backing provided by our existing investors and welcome our new investors who bring valuable perspective, experience, and capital resources to the company.
“This financing strengthens our balance sheet as we work to achieve important milestones for each of our three product candidates.
“Furthermore, these funds will support our transition to a pre-commercial company pending positive clinical results from the ongoing OTO-201 Phase 3 trials.”
Copyright © 2014 AltAssets