Otonomy (OTIC) Third Quarter 2016 Financial Results And Provides Corporate Update
11/4/2016 9:18:05 AM
SAN DIEGO, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Otonomy, Inc. (NASDAQ:OTIC), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics for diseases and disorders of the ear, today reported financial results for the quarter ended September 30, 2016 and provided an update on its corporate activities and product pipeline.
Third Quarter 2016 and Subsequent Highlights
* OTIPRIO® Launch Update: In March 2016, Otonomy announced the commercial availability of OTIPRIO (ciprofloxacin otic suspension) in the United States for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement (TTP). During the launch year, Otonomy's commercial efforts have been focused on building awareness and advocacy for OTIPRIO with physicians, gaining formulary approval in target facilities, and establishing reimbursement. These efforts require contact and coordination with multiple stakeholders including physicians, hospital pharmacists, facility administrators, and payors. A typical review by a hospital pharmacy and therapeutics (P&T) committee can take six to nine months to complete, and some institutions may initially limit usage until confirming acceptable reimbursement through submission of claims. As of the end of the third quarter, the formulary approval process has been successfully completed, and favorable reimbursement has been established, in a limited number of facilities which is reflected in the minimal revenues. We are working to build on these early successes across our group of target accounts.
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