San Diego-based biopharmaceutical company Otonomy Inc. has raised $45.9 million in Series C financing. The company develops drugs to treat diseases of the inner ear.

The privately held company, founded five years ago, has now raised a total of $94 million in venture funding.

This most recent investment was led by OrbiMed Advisors LLC and new investors Aperture Venture Partners and Osage University Partners also participated. Existing investors include Avalon Ventures, Domain Associates, Novo Ventures, RiverVest Venture Partners and TPG Biotech.

The company has two drug candidates in clinical development that are advancing to late stage trial — a steroid that treats vertigo in patients with Meniere’s disease, and an antibiotic for children whose ear canals are blocked with fluid. Otonomy is also developing products for tinnitus, which causes ear ringing, and chronic forms of hearing loss.

— Meghana Keshavan