Contact: Sarah Seagraves,
Senior Vice President for Marketing
(405) 813-2403 or email sseagraves@i2E.org
A pair of investment funds managed by i2E, Inc., recently closed a $1.2 million investment in Oklahoma City’s Otologic Pharmaceutics, Inc., a company developing novel treatments for hearing disorders. The Oklahoma Seed Capital Fund, along with the OKAngel Sidecar Fund, each invested $600,000 in Otologic.
The total value of the Series A investment round was $4.1 million, and was co-led by i2E and Accele Venture Partners, the investing arm of life sciences accelerator Accele Biopharma Inc. A member of the i2E-managed SeedStep Angels also invested $25,000 in the funding round.
The financing will be used to advance Otologic’s lead product candidate, NHPN-1010, for the treatment of noise-induced hearing loss. It is expected to enter Phase 1 clinical testing the first half of this year.
“Moving into the clinic is an important step for Otologic in advancing the work done at OMRF and at the Hough Ear Institute as a therapy for the treatment and prevention of hearing loss,” said Clayton Duncan, Otologic’s Chief Executive Officer.
The OKAngel Sidecar Fund is one of three Accelerate Oklahoma! investment vehicles created in 2011 by i2E through a partnership with the Oklahoma Department of Commerce and the U.S. Treasury State Small Business Credit Initiative. The OKAngel Sidecar Fund specifically targets opportunities to invest alongside Oklahoma angel investors.
The Oklahoma Seed Capital Fund is a state-appropriated investment fund through the Oklahoma Center for the Advancement of Science and Technology.
The SeedStep Angels were founded by i2E in 2009 and is now the state’s largest angel investment groups with over 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
About Otologic Pharmaceutics: Co-founded by Dr. Richard Kopke, CEO of Oklahoma City-based Hough Ear Institute, and Dr. Robert Floyd, a scientist with the Oklahoma Medical Research Foundation, Otologic is developing treatments for noise-induced hearing loss. The company’s lead product candidate combines two well-characterized compounds and has shown promise in reducing hearing loss in pre-clinical studies. Applications may include hearing loss experienced by individuals in a number of occupations such as construction and manufacturing, as well as those who have served in the military.
Management: Clayton Duncan, CEO; Richard Gammans, Chief Operating Officer
Year Started: 2009
Location: Oklahoma City
About i2E, Inc.: With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and funding for Oklahoma’s emerging small businesses. i2E has more than $40 million of investment capital under management.