Otonomy’s Otividex Fails Again In Phase III Meniere’s Study
Otividex did not significantly reduce vertigo three months after treatment, so Otonomy appears to be moving on from Meniere’s disease and focusing on earlier-stage tinnitus and hearing loss candidates.
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Finance Watch: Public Market Opens Up Enough To Let An IPO Through
Public Company Edition: MAIA launches a $10m initial public offering, the first in the US since May, but NewAmsterdam opts for the SPAC route to the stock market. Also, Legend raises $350m in a follow-on offering, Iveric obtains access to $250m in debt and Otonomy cuts costs after a Phase II failure.
Finance Watch: Poseida, Nkarta And Inventiva Are July’s First Biopharma IPOs
Poseida, Nkarta and Inventiva raised $224m, $252m and $107.7m, respectively. Also, Forbion raised €185m ($208m) of a new €250m fund and Blackstone closed the last $1.2bn of its $4.6bn fund for public and private company deals, and Ascendis led recent follow-ons with a $569.2m offering.
Pharma Wakes Up To Transformative Progress In Hearing Loss Research
The cacophony of noise in the modern world is one factor driving the loss of hearing throughout humankind, a condition that until now has not been thought amenable to pharmacological intervention. But with small-molecule approaches to regenerating cells in the inner ear bearing fruit, biotech and pharmaceutical companies are taking renewed interest in the sector.