- Thinly traded micro cap Otonomy (NASDAQ:OTIC +13.9%) moves up on average volume in response to the news that the U.S. Centers for Medicare and Medicaid Services (CMS) has established a new Medicare billing code for OTIPRO (ciprofloxacin otic suspension) that will go into effect July 1. OTIPRO has also been granted transitional pass-through status which enables reimbursement under a temporary classification called a "C" code.
- The FDA approved OTIPRO, a sustained exposure formulation of the antibiotic ciprofloxacin, in December 2015 for the treatment of middle ear effusion in pediatric patients undergoing tympanostomy tube replacement.