Otonomy, Inc. (OTIC) saw its loss widen to $27.08 million, or $0.89 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $26.76 million, or $0.91 a share.
Revenue during the quarter surged 2,653.85 percent to $0.36 million from $0.01 million in the previous year period. Gross margin for the quarter stood at negative 29.33 percent as compared to a positive 30.77 percent for the previous year period.
Operating loss for the quarter was $27.38 million, compared with an operating loss of $26.86 million in the previous year period.
"The completion of enrollment in the AVERTS-1 Phase 3 trial is an important milestone given the significant unmet medical need with Ménière’s disease and the attractive market potential of OTIVIDEX in this indication," said David A. Weber, Ph.D., president and chief executive officer of Otonomy. “Likewise, the submission of the sNDA for OTIPRIO in AOE is an important achievement and supports our plan to build a successful OTIPRIO franchise. The changes to the commercial organization that we initiated in the first quarter have focused our effort on priority accounts and should enable us to demonstrate accelerating growth in OTIPRIO revenue over the course of the year."
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