Oklahoma City, OK (PRWEB) September 24, 2010
Otologic Pharmaceutics, Inc (OPI) announced today the successful close of a financing round that will help advance the company’s hearing health technologies. The financing round lead by OCAST; Technology Business Finance Program and managed by i2E, Inc., included participation from INTEGRIS Health and the Oklahoma Medical Foundation (OMRF).
In a statement issued by David Karlman, Otologic Pharmaceutics, Inc., CEO “This capital commitment represents a seminal milestone in advancing our mission to commercialize therapeutics for hearing health. The resources are now aligned to continue building our business so that the team of nationally and internationally recognized inner ear medicine experts, world-class biomedical research scientists and proven business leaders can introduce safe and effective solutions for hearing health based on our portfolio of 19 patents we have in-licensed.”
With 9,000 employees, INTEGRIS Health is Oklahoma’s largest healthcare system. C. Bruce Lawrence, INTEGRIS Health Chief Executive Officer said, “Our investment in Otologic Pharmaceutics, Inc. sends a compelling message of confidence in their business and science teams. Advancing toward pharmacological solutions for hearing health continues INTEGRIS’s rich history of pursuing leading edge medical treatments for our valued patients.”
Steve Prescott, M.D., President of the Oklahoma Medical Research Foundation, said: “Our investment in OPI is a natural extension of the OMRF’s strategic mission to invest in scientific discoveries that make a difference in peoples’ lives. We are looking forward to supporting OPI as it commercializes promising technologies for hearing health.”
Tom Walker, CEO of i2E Inc., which manages the OCAST Technology Business Finance Program for the state of Oklahoma, said: “We have worked closely with the OPI staff over the past year and a half. Their resilience, determination, unique business model and sound science have lead us to recommend a doubling of the investment in OPI. The foundational strengths that the management team of OPI has established will serve as a platform to build a sustainable business and we are excited and committed to supporting that platform.”
ABOUT OTOLOGIC PHARMACEUTICS, INC.
Otologic Pharmaceutics, Inc. is a development stage pharmaceutical company formed specifically to commercialize promising technologies that address novel pharmacological solutions for hearing health.
# # #