US-based biopharmaceutical company Otonomy has raised $49m from an oversubscribed series D round backed by investors including Novo Ventures, the corporate venturing arm of healthcare company Novo.
Novo was joined in the round by additional existing backers including OrbiMed Advisors, TPG Biotech, Avalon Ventures, Domain Associates, RiverVest Venture Partners, Aperture Venture Partners, and Osage University Partners.
Jennison Associates, Perceptive Advisors, Federated Kaufmann Funds, some private investment funds advised by Clough Capital Partners, Ally Bridge Group and some undisclosed institutional investors participated in the round as new investors.
Founded in 2008, Otonomy develops drugs to combat disorders of the inner and middle ear, a field in which it claims no drug treatments have been approved by US authorities. It will use the funding to advance three treatments in its product pipeline.
Otonomy previously closed a $45.9m series C round in September 2013 and has raised $143.4m in equity funding since it was formed. Novo Ventures co-led the company’s $38.5m series B round in 2010.