SAN DIEGO, Aug. 04, 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 June 30, 2016 and provided an update on its corporate activities and product pipeline.
Second 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). For 2016 Otonomy's commercial effort is 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 is essential before utilization of OTIPRIO can begin in a given institution. We completed this process with a limited number of facilities through the second quarter which is reflected in the minimal revenues.
Second 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). For 2016 Otonomy's commercial effort is 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 is essential before utilization of OTIPRIO can begin in a given institution. We completed this process with a limited number of facilities through the second quarter which is reflected in the minimal revenues.
