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Latest From Otonomy, Inc.
Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts.
Many gene therapies companies have faced R&D and financial problems this year but the longer term potential of the field and low prices might tempt big pharma into deals.
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.
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.