The stock of Otonomy Inc (NASDAQ:OTIC) closed at $5.07 gaining 2.53% in yesterday’s trading session. Otonomy has outlined that it will be directing a large chunk of its resources towards a series of clinical and preclinical programs that will be targeted at taking care of the various unmet medical needs in otology.
The company’s spokesperson said, “Otonomy intends to complete the clinical development to support registration of OTIVIDEX in the United States for patients with Ménière’s disease, and will advance multiple programs for the prevention and treatment of sensorineural hearing loss, and the treatment of tinnitus.”
The company has decided to discontinue the commercial support for OTIPRIO with immediate effect in a bid to channel its resources on pipeline development. Sensorineural hearing loss has over the robbed many around the globe the joy of life.
It was for that reason that Otonomy directed much effort and resources as well in coming up with multiple programs towards the prevention and treatment services. The hearing loss programs involve the regeneration of hair cells, protection of hair cells from chemotoxicity as well as the functional and anatomical repair of ribbon synapses.
The other plan by the company is to develop gacyclidine, which is a selective NMDA receptor antagonist. This will be helping much towards the treatment of patients suffering from tinnitus. Hearing loss and tinnitus as health conditions are rather complex when it comes to establishing effective treatments for them. When one finds them, they are rather costly and that is the reason this company is willing to go beyond its means to provide affordable healthcare.
The company’s spokesperson in a recent interview talked in an in-depth way regarding the company’s progress over the years. He said that they had managed to make tremendous steps forward in the medical field.
However, it hasn’t been smooth all along the way considering that they have had to struggle with numerous challenges along the way. He praised the latest move outlining that they were on the right track towards achieving immense business success.