Otonomy Board Approves Plan to Liquidate, Dissolve

Dow Jones

Dec 20, 2022

By Denny Jacob

Otonomy Inc. on Monday said its board approved and adopted a plan to liquidate and dissolve its operations.

The plan, which is subject to shareholder approval, includes distributing remaining cash to shareholders after operations wind down, as well as proceeds from the sale of any pipeline assets, which it says is currently in discussions.

The biopharmaceutical company said it terminated all its employees, including officers, as part of the planned dissolution, effective last Thursday. David Weber continues to serve on the board and Paul Cayer continues to serve on a consulting basis as chief financial and business officer, as well as being appointed president. Otonomy said it expects to incur charges around $5 million for severance and other employee-termination related costs in the fourth quarter.

Otonomy said its board approved its plan last Tuesday. It intends to call a special shareholder meeting in the first quarter to seek approval for the plan and said it will file proxy materials with the Securities and Exchange Commission as soon as practicable.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 19, 2022 17:21 ET (22:21 GMT)

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David Weber","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4007":"制药"},"translate_title":"Otonomy董事会批准清算、解散计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OTIC":1},"content_text":"By Denny Jacob \n\n\n \n\n\nOtonomy Inc. on Monday said its board approved and adopted a plan to liquidate and dissolve its operations. \n\n\n  The plan, which is subject to shareholder approval, includes distributing remaining cash to shareholders after operations wind down, as well as proceeds from the sale of any pipeline assets, which it says is currently in discussions. \n\n\n  The biopharmaceutical company said it terminated all its employees, including officers, as part of the planned dissolution, effective last Thursday. David Weber continues to serve on the board and Paul Cayer continues to serve on a consulting basis as chief financial and business officer, as well as being appointed president. 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