California hearing loss biotech fires all employees and outlines plan to liquidate

The end has come for Otonomy, a California-based biotech that developed treatments for neurological conditions of the ear, after a series of failed trials.

The company announced on Monday it had fired all remaining employees on Dec. 15 and approved a liquidation and dissolution plan as the company winds down operations. The announcement comes just just two months after it said it would “explore strategic options,” a fancy way of saying it’s struggling and looking for a way out.