Otonomy Raises $10M

San Diego-based Otonomy, which is developing treatments for Meniere's disease, said today that it has raised $10M in a Series A financing round. The round came from Avalon Ventures. According to Otonomy, the funding will go towards supporting the ongoing clinical trial for its compound, to initiate IND studies for a second compound, and early-stage development of a third program. Otonomy is headed by Jay Lichter, who is also a managing director at Avalon Ventures. Otonomy's first product is a sustained release formulation of steroid dexamethasone. More information »