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BRIEF-Otonomy Inc says ‍non-commercial workforce reduced by one-third​
September 13, 2017 / 11:43 AM / 2 months ago

BRIEF-Otonomy Inc says ‍non-commercial workforce reduced by one-third​

Sept 13 (Reuters) - Otonomy Inc

* Otonomy provides business and financial update

* Otonomy Inc - ‍* non-commercial workforce reduced by one-third​

* Otonomy Inc - ‍current cash balance expected to fund company into 2020​

* Otonomy Inc - ‍non-commercial workforce reduced by one-third​

* Otonomy Inc - ‍review underway to prioritize company’s pipeline which includes multiple clinical and preclinical stage assets​

* Otonomy Inc - ‍ additionally, no clinical trials will be initiated during remainder of 2017​

* Otonomy Inc - ‍cost savings from actions are expected to total approximately $7 million for remainder of 2017​

* Otonomy Inc - ‍total non-GAAP operating expenses are now expected to total $73-$78 million for 2017​

* Otonomy Inc - ‍ total GAAP operating expenses for 2017 are expected to total $95-$100 million for 2017​

* Otonomy Inc - company expects its cash balance to total $120-$125 million at end of 2017

* Otonomy Inc - co expects cash burn to total less than $45 million in 2018, current cash balance will fund company into 2020 Source text for Eikon: Further company coverage:

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