Otonomy, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutics for diseases and disorders of the ear, announced the appointment of Ted Schroeder to its board of directors and the resignation of its chairman, Peter Bisgaard.

Most recently, Schroeder led specialty pharmaceutical company Cadence Pharmaceuticals from its founding until its acquisition by Mallinckrodt Pharmaceuticals for $1.4 billion in 2014.

Prior to co-founding Cadence, he held several roles at Elan Pharmaceuticals, including vice president and general manager of the Hospital Products Business Unit, a role he also held at Dura Pharmaceuticals before its acquisition by Elan. Prior to joining Dura, Schroeder held a number of hospital-related sales and marketing positions with Bristol-Myers Squibb.

Schroeder currently serves on the board of Cidara Therapeutics and previously served on the boards of Hyperion Therapeutics, Incline Therapeutics and Trius Therapeutics until their respective acquisitions. Schroeder is a member of the Sharp Hospital Foundation board and chair of the BIOCOM board of directors.

Otonomy also announced that Bisgaard, a partner of Novo Ventures, resigned as Otonomy's chairman and a member of its board of directors. Jay Lichter, co-founder of Otonomy and current board member, has been appointed as the new chairman.