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BRIEF-Otonomy Inc Immediately Discontinuing Commercial Support For Otiprio
November 27, 2017 / 9:55 PM / 18 days ago

BRIEF-Otonomy Inc Immediately Discontinuing Commercial Support For Otiprio

Nov 27 (Reuters) - Otonomy Inc:

* OTONOMY INC - ‍ IS IMMEDIATELY DISCONTINUING COMMERCIAL SUPPORT FOR OTIPRIO WHICH IS EXPECTED TO SIGNIFICANTLY REDUCE FUTURE OPERATING EXPENSES​

* OTONOMY INC - ‍ DISCONTINUING COMMERCIAL SUPPORT FOR OTIPRIO EXPECTED TO RESULT IN ESTIMATED CASH SAVINGS OF MORE THAN $20 MILLION IN 2018​

* OTONOMY INC - ‍ DISCUSSIONS ARE UNDERWAY TO DIVEST OTIPRIO​

* OTONOMY INC - ‍IS ELIMINATING EMPLOYMENT POSITIONS AND CEASING PROGRAMS RELATED TO COMMERCIALIZATION AND MARKET SUPPORT OF OTIPRIO​

* OTONOMY INC - ‍ELIMINATING COMMERCIAL PERSONNEL REDUCES OTONOMY‘S HEADCOUNT TO APPROXIMATELY 50​

* OTONOMY INC - ‍OTONOMY IS NOT PREPARED TO PROVIDE OPERATING EXPENSE GUIDANCE FOR 2018 AT THIS TIME​

* OTONOMY - ‍INCLUDING SEVERANCE PAYMENTS, COMMERCIAL PROGRAM WIND-DOWN COSTS, TOTAL GAAP OPERATING EXPENSES FOR 2017 EXPECTED TO BE ABOUT $95-$100 MILLION​

* OTONOMY INC - NON-GAAP EXPENSES FOR 2017 ARE EXPECTED TO TOTAL IN RANGE OF $73 MILLION-$78 MILLION​

* OTONOMY INC - ‍EXPECTS ITS CASH BALANCE INCLUDING CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS TO TOTAL $118 MILLION-$123 MILLION AT END OF 2017​

* OTONOMY INC - ‍ INTENDS TO COMPLETE CLINICAL DEVELOPMENT TO SUPPORT REGISTRATION OF OTIVIDEX IN UNITED STATES FOR PATIENTS WITH MÉNIÈRE‘S DISEASE Source text for Eikon: Further company coverage:

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